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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, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Posco Energy - South Korea
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
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