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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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Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
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- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Australian Coal Association
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- The University of Queensland
- SMG Consultants - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
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