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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, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
Tuesday, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
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- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Ministry of Mines - Canada
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
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