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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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Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
Thursday, 10 January 19
BUNKER DELIVERY NOTE AMENDMENTS ENTER INTO FORCE AS SULPHUR 2020 REQUIREMENT LOOMS - IMO
KNOWLEDGE TO ELEVATE
Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative m ...
Thursday, 10 January 19
WORLD TRADE IN THERMAL COAL IS ESTIMATED TO HAVE GROWN BY 1.0 PER CENT IN 2018 - DEPARTMENT OF INDUSTRY, AUSTRALIA
World Trade
World trade in thermal coal is estimated to have grown by 1.0 per cent to 1.1 billion tonnes in 2018 but it is expected to decline ...
Thursday, 10 January 19
PAKISTAN'S COAL IMPORTS TO SURGE TO 30 MILLION TONS PER ANNUM BY 2020 - CEO, PIB
Pakistan’s coal imports are estimated to surge to 30 million tons/annum from existing 20 million tons/annum by the year 2020, given the plann ...
Wednesday, 09 January 19
PANAMAX: THE PACIFIC SAW RELATIVELY GOOD DEMAND PARTICULARLY FROM INDONESIA AND NOPAC - BALTIC BRIEFING
Capesize
It was an active start to the New Year, with trading from West Australia maintaining momentum during the holiday period. Rates for Chi ...
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- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- The University of Queensland
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
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