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Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
 Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past three weeks, with the number of potential Buyers having decreased noticeably. Despite this recent slowdown, interest in second-hand tonnage has been undeniable, evidenced by the 100 deals that have concluded from the beginning of July up until the first days of September, which concerns all dry bulk sizes from small Handies built in the 90’s to modern Kamsarmax and Capesize vessels.
An important observation is that, with very few exceptions (presence of a COA, private equity funding etc.) where buyers will offer levels close to Sellers’ ideas, we usually see owners inspecting and offering at much lower levels compare to the asking price. If this trend continues in the following weeks as well, it will naturally affect asset prices negatively.
Another important factor that is currently shaping the SnP market and the respective asset values in the dry bulk sector, is that with the exception of very modern Japanese tonnage (usually built 2013 onwards), there is an obvious abundance of sale candidates in the market, with built date ranging from 1998 up to 2012. This allows perspective Buyers to keep testing the market, which means that they will offer at – sometimes significantly – lower levels compared to the asking price, feeling assured that if their offer is not accepted by the respective Seller, they will divert their interest to the next similar available candidate.
A representative example of this trend can be found in the Supramaxes built in Cebu from 2005 until 2010. There are at least 10 such vessels currently in the market either on private basis or officially. The respective interest for such vessels though is currently not sufficient for these candidates to be sold and that is why each of these candidates sees a maximum of 2-3 Buyers inspecting them. Another example of the ample supply of bulkers currently available for sale is that of Japanese Panamax and Kamsarmax vessels built during 2004-2008, with around 15 such vessels currently available for sale and maximum 4 Buyers keen for such tonnage.
Aside from the above trend, the appetite displayed during the past months by Chinese and Middle Eastern buyers for vessels built in the late 90’s is also notable. Handysize vessels and loggers in particular have indeed seen demand spiking up, with some of these candidates achieving impressive numbers indeed when compared to younger candidates of the same size. A representative example in this case is a ’98 built Handy that was recently sold for USD 5.5 million, while another Handy half the age achieved USD 8.4 million.
As far as bulkers built in the 90’s are concerned, there is also an oversupply of vessels in the market for sale, with more than 20 Handy/Handymax candidates built from 1995 up to 1999 currently looking for Buyers. Saying this, we do believe that most of these Sellers are more interested in finding out how the market values their respective ship and less in actually selling them.
The above trends could easily change if the freight market strengthens during the last quarter of the year, in which case we do expect to see more Buyers and many of the vessels currently up for sale being withdrawn.
George Iliopoulos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
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, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
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Showing 1416 to 1420 news of total 6871 |
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- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
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