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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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Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
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- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
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