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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, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
Monday, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
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- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Planning Commission, India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- The University of Queensland
- GMR Energy Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
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