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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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Tuesday, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
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- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- The University of Queensland
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
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