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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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Wednesday, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
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- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Xindia Steels Limited - India
- The University of Queensland
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
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