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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, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
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- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Trasteel International SA, Italy
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
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