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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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Showing 1616 to 1620 news of total 6871 |
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- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Planning Commission, India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
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