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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, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
Friday, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
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- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Indian Energy Exchange, India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
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