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Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
 During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Imabari (28kdwt Shimanami blt’08), which was sold to Greek Buyers for USD 8.5m. About a year ago and while the BHSI stood at similar levels, the sale of the Japanese M/V ex- Laser Ace(28kdwt Shimanami blt’07) also to Greek buyers, materialized at USD 7.7 m. Thus, with the index at similar levels, the price of a 10-yr old Japanese Handy has shown an increase of 10 %. I would say that this is due to strong sentiment among owners operating in this segment and if freight rates remain at healthy levels we will see further appreciation on asset prices.
As far as 10-yr old Supramax units are concerned and while the BSI ended last week at 1,197 points, we had the sale of the M/V Medi Firenze (58kdwt Cebu blt’08) at USD 13.3m with the vessels dry docking due in December. This is the same price that Nova Marine paid for the smaller and older ship, the M/V ex- Darya Vishnu (56kdwt Mitsui blt’06) back in March 2018, despite the fact that the index is now standing roughly 10% above March levels.
Therefore, one could argue that this segment is nowadays experiencing a slowdown in SnP activity compared to last March, with a possible softening in asset values around the corner. In my view though, this is strictly due to several ships being up for sale in this segment, which gives confidence to firm buyers who are currently lowballing and searching for a good deal instead of competing and pushing the barrier higher. Currently, focus has shifted on the M/V Triton Seagull (56kdwt Mitsui blt’07) and the M/V Queen Halo (58kdwt Tsuneishi Cebu blt’10) that received offers yesterday and today respectively.
Furthermore, on the Panamax sector we noticed this week the sale of the M/V Double Prosperity (76kdwt Imabari blt’05) to clients based in Qatar for USD 10.6m. We feel that this depicts the low buying appetite for similar vessels, while there is the exception of traditional buyers in this segment, who are currently looking to quickly take advantage of current soft prices. Our focus is now on the M/V AOM Milena (76kdwt Shin Kasado blt’09) that is receiving offers today.
As in the case of Supramaxes, the softness in asset prices can only be explained by the abrupt oversupply of sales candidates that came for sale late in the summer in combination to the handful of quiet buyers who cautiously waited to see a market reaction coming into Q4. After all average earnings for Panamaxes and Supramaxes are currently up 15% and 22% compared to mid-summer.
I am confident that if rates continue to rise and we get a healthy finish throughout Q4 this will convince hesitant buyers to go the extra mile and come on board ships boosting competition as a result. It will also alleviate hesitant financial stakeholders to regain confidence in the market, which should eventually lead to an increase of available finance. As a result, new eager buyers are expected to come forward, pushing existing buyers to offer higher in order to finally manage to get their hands on the ship they are looking for. All in all, given the current trend, it might not take too long until asset prices once again start moving north.
By Ilias M. Lalaounis
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, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
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- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
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