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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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Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
...
Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
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- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
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