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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, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
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