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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, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
Tuesday, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
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- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- MS Steel International - UAE
- Trasteel International SA, Italy
- White Energy Company Limited
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
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