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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, 10 April 19
KOSPO INVITED BIDS FOR 160K MT OF MIN. 3700 NCV COAL FOR JUNE LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 160,000 MT of min. 3,800 Kcal/kg ~max.4,100 ...
Wednesday, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
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- Meralco Power Generation, Philippines
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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