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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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Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
Wednesday, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
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- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
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