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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, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
Thursday, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Australian Coal Association
- Parliament of New Zealand
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
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