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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, 04 January 19
FOCUS IS ON BOOSTING COAL PRODUCTION: INDIAN COAL MINISTER
The current focus of the government is on boosting production from operational coal mines, according to Minister for Coal, Piyush Goyal.
...
Thursday, 03 January 19
CAPESIZE: A MORE POSITIVE START OF THE NEW YEAR THAN EXPECTED FOR THE BIG SHIPS - FEARNLEYS
Capesize
A more positive start of the new year than expected for the big ships, with average gains of US$ 500/day posted on the first tra ...
Tuesday, 01 January 19
INDONESIA: COAL PRODUCTION EXPECTED TO EXCEED THIS YEAR'S TARGET - JP
Indonesian coal production reached 456 million tons up to Thursday or 94.02 percent of this year’s total target of 485 million tons, accordin ...
Monday, 31 December 18
THE INDONESIAN COAL MARKET Q1 '19 FORECAST: LOOKS DIRECTIONLESS - TRADER
The Indonesian coal market looks directionless, an International coal trader said when we asked him to give his forecast for 1Q' 2019.
...
Monday, 31 December 18
GLOBAL COAL DEMAND GREW BY 1% IN 2017; GLOBAL COAL POWER GENERATION INCREASED BY OVER 250 TWH - IEA
After two years of decline, global coal demand grew by 1% in 2017 to 7585 Mt as stronger global economic growth increased both industrial output an ...
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- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Australian Coal Association
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
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