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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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Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
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- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
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