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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, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
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- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- The University of Queensland
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Planning Commission, India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
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