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