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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, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
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- Parliament of New Zealand
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- The University of Queensland
- Australian Coal Association
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
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