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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, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resemble ...
Tuesday, 08 January 19
GLOBAL TRADE GROWTH EXPECTED TO REMAIN AT HEALTHY IN 2019 - ALLIED
2019 is here and we find ourselves with new challenges for the shipping industry and the global economy as whole, with market prospects being neith ...
Monday, 07 January 19
THE NEWCASTLE BENCHMARK SPOT PRICE IS FORECAST TO DECLINE FROM AN ESTIMATED AVERAGE OF US$105 A TONNE IN 2018 TO US$74 A TONNE IN 2020 - DEPARTMENT OF INDUSTRY, AUSTRALIA
• The Newcastle benchmark spot price is forecast to decline from an estimated average of US$105 a tonne in 2018 to US$74 a tonne in 2020, prim ...
Monday, 07 January 19
INDONESIAN GOVERNMENT DECLARED COAL BENCHMARK PRICE FALLS FOR FIFTH STRAIGHT MONTH IN JANUARY 2019; LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 07 January 19
RUSSIA'S COAL PRODUCTION UP 5.9% TO 433.4 MLN TONNES IN 2018 - TASS
Coal production in Russia in 2018 increased by 5.9% year-on-year to 433.4 mln tonnes, according to the Central Dispatching Department of Fuel Energ ...
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- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
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