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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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Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
Wednesday, 12 September 18
MARINE BUNKERS: THE END OF THE WORLD AS WE KNOW IT - IBIA
KNOWLEDGE TO ELEVATE
The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. ...
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Showing 1621 to 1625 news of total 6871 |
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- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- India Bulls Power Limited - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
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