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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, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
Wednesday, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Planning Commission, India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
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