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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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Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
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- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- The University of Queensland
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
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