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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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Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
Wednesday, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
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- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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