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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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Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
Friday, 12 April 19
U.S : MORE THAN 7 GW OF COAL-FIRED GENERATION IS SCHEDULED TO RETIRE BY THE END OF 2020 - EIA
EIA estimates that U.S. coal production decreased by 19 million short tons (MMst) (2%) in 2018, totaling 756 MMst.
EIA also expects ...
Friday, 12 April 19
GLENCORE WINS $520 MILLION DEAL TO SELL COAL TO MEXICO - REUTERS
Global trader Glencore has won contracts worth around $520 million to supply 4.94 million tonnes of coal to Mexico, state-run power utility the Fed ...
Thursday, 11 April 19
AUSTRALIAN COAL IN THE FRONTLINE OF CHINA'S SUPPLY GLUT - AUSTRALIAN FINANCIAL REVIEW
Australian coal will be hardest hit as China cuts foreign imports of its key energy source to tackle oversupply, and implements policies favouring ...
Wednesday, 10 April 19
COALTRANS ASIA - TAKE PART IN THE LARGEST COAL EVENT IN THE WORLD!
Take part in the largest coal event in the world!
Coaltrans Asia is back this June bringing together the entire international coal s ...
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- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Planning Commission, India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Australian Coal Association
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
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