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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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Monday, 08 April 19
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- India Bulls Power Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- The University of Queensland
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
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