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