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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 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Wednesday, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
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- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- White Energy Company Limited
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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