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Wednesday, 04 October 17
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
During the past couple of months the dry bulk market has displayed particularly strong momentum and we have been witnessing steady appetite and activity on behalf of Buyers in the second-hand market. This positive momentum is particularly evident if one considers the fact that the Chinese holidays that are currently taking place and usually bring pressure on rates have not affected buying activity to the least. Of particular importance is also the fact that interest for older candidates has also been firming, a usual occurrence when the market starts to become particularly strong.
It is remarkable that during the last quarter, we have seen more than 25 bulk carriers (from Handysize up to Panamax) built between 1997 and 2002, being sold. This very strong activity as far as older tonnage is concerned is something we hadn’t observed for quite a while, as firm buyers for vessels of around 15 to 20 years old are not standard occurrence.
Additionally, we have seen many firm buyers for vessels built between 2000 and 2002, which is explained by the fact that the China Classification Society only approves of vessels built from 2000 onwards. Modern vessel sales are also impressive in terms of numbers. During the last quarter around 124 vessels built from 2003 onwards we sold, this number also including Capesize vessels as well as resales. Specifically in Supramax and Panamax/Kamsarmax vessels, every last done is at a premium over the last comparable sale, which evidences the potential of Buyers who adjust their ideas very quickly in order to successfully position themselves within a market that is exciting one of the biggest crisis ever.
Greatly improved newbuilding activity compared to last year is another important sign as far as the solid momentum of the market is concerned. Although contracting is nowhere close to the volumes we witnessed back in 2013 and 2014, the fact that owners have slowly but steadily started to once again see potential in the newbuilding option is definitely reflecting the reversal in psychology.
Another interesting fact is that a number of Buyers, those interested in modern vessels in particular, are offering on a waving inspection basis and paying a small premium in order to secure the respective vessel, something that we hadn’t seen for quite a while, as most investors were rather hesitant before actually offering up until recently.
At the same time interest for Chinese tonnage is firming across all sizes, with prices also inching up in tandem with Japanese tonnage that has been quickly appreciating in particular for 10-yr old Supramaxes. Additionally, we have started to see a number of sales concerning vessels that were bought last year during the lows of the market, and are now being re-sold sometimes for double the price.
Chinese buyers themselves have also become particularly active in the past couple of months, which is another positive market sign. Despite the more relaxed mood they have been displaying during the past days in anticipation of the National holidays in the country, we expect them to return with the same interest in second-hand tonnage once the holidays are over. After all a number of purchase enquiries from Chinese buyers still remains uncovered, while the fact that very recently eight Chinese buyers inspected a ’98 built Panamax is indicative of their appetite.
By George Iliopoulos
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
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- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
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