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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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Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
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Showing 1586 to 1590 news of total 6871 |
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- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Australian Coal Association
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Economic Council, Georgia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
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