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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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Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Wednesday, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
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- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- The University of Queensland
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
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