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