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Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
 Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually expected to lead to improved asset prices as well. The sentiment on the tanker side is evidently less positive, with buyers taking a step back until a good asset play opportunity arises in view of an admittedly suppressed market.
Activity in the dry bulk sector has been overall firm despite the scarcity of available modern candidates in the market. The lack of sale candidates and the increasing freight market has already pushed values higher in some cases and as we are going into the grain season out of South America this is expected to continue.
Chinese buyers are back in buying mode – more conservative this time though - and are selectively bidding for early ‘00s built tonnage for import purposes. As buyers have a number of options to choose from and as values have recently remained flat in these ages, sales activity remains stable.
Nevertheless, buyers’ appetite remains strong thus this may be a good timing for new acquisitions in view of improving market levels. Comparatively, newbuilding activity has been steady but has not reached excessive volumes, possibly on the back of the uncertainty of the Tier III regulations that has made yards hesitant to commit new designs.
With regards to demolition, as a result of the ‘healthy’ freight rates and despite the current strong demo prices, owners are reluctant to scrap their ships and we have even recently noted increased interest from buyers in pre-2000 built vessels, mainly for Handysize up to Panamax bulkers with a number of transactions being concluded.
On the other hand, in the tanker sector activity remains flat but with some signs of improvement in view of current low values. The products sector has been more active recently with a couple of reported transactions at firming levels and with buyers mostly focusing on vessels built in the last 5-10 years. Period rates in the sector have also been relatively stable, providing some security to owners.
This has not been the case for crude carriers where the extensive pressure the spot market has been witnessing throughout the bigger part of the winter season is now also manifesting on period numbers. Indeed the crude carriers sector is relatively quiet but this may change in the foreseeable future as we are seeing some demolition activity – particularly in the VLCC sector for post ‘00s built units – in recent weeks.
As second hand values appear to have bottomed out – at least for now - and with most owners still reluctant to sell at current price levels, any ‘realistic’ market candidate attracts the interest of a number of buyers looking for a good asset play move. The lack of modern tonnage has resulted in a shift of buying interest towards vessels of around 15 year old of age, the values of which are now substantially closer to the LDT of the respective ships and any slight uptick in freight rates could prove profitable.
By Vasilis Moiris
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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Wednesday, 28 March 18
RIO TINTO TO SELL KESTREL MINE FOR $2.25 BILLION - REUTERS
Rio Tinto sold its remaining coal asset Kestrel in Australia to private equity manager EMR Capital and Indonesia’s Adaro Energy Tbk for $2.25 ...
Tuesday, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
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- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- GMR Energy Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
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