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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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Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV coal for ...
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- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
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