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