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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, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
Tuesday, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
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- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- CNBM International Corporation - China
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- PTC India Limited - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- White Energy Company Limited
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
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