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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, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
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