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