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