$6.1 billion invested in second hand vessels during H1

Ship owners have increased their spending during the second quarter of 2012, bringing their total investment value of second hand vessel purchasing up to $6.1 billion for a total of 555 vessels during the first six months of the year, according to a new report.

Shipbroker Golden Destiny in its report said the second quarter buys were up 24% since the first quarter, while in total the first half of 2012 showed a decline of 9% compared to the same period of 2011, which is a remarkable feat, when considering the global economy uncertainty, the oversupply of tonnage in dry bulk and most other shipping markets and the lack of financing especially in Western Europe.

The total amount of money invested for secondhand units this year is lower than the first half of 2011, 43% down, when 610 vessels had been reported to have changed hands at more than $10.7bn, with 103 sale and purchase transactions at an undisclosed sale price.