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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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Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
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- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- The University of Queensland
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
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