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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, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
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- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Parliament of New Zealand
- ASAPP Information Group - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- The University of Queensland
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
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