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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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Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
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- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- The University of Queensland
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
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