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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Australian Coal Association
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Planning Commission, India
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- VISA Power Limited - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- The University of Queensland
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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