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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, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
Saturday, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
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- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Australian Coal Association
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
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