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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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Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
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- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- The University of Queensland
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
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