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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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Tuesday, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
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- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
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