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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, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
Wednesday, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
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- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- The University of Queensland
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
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