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Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
 This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which is evidenced by the numerous transactions being concluded lately. We are seeing an increased number of vessels being inspected and a substantial number of vessels also being negotiated as we speak.
In the dry bulk sector and in view of the recent increased supply of market candidates, we are seeing a slight softening in values despite the satisfactory freight rates. The period market has not been as firm as in the previous weeks, but we notice that owners feel reluctant to fix their vessels amidst a sideways/slightly negative performance of the freight market.
The same reservedly optimistic sentiment is also evident on the SnP side. We are noticing that a number of buyers are keen to acquire a vessel, with focus on those built 2008 onwards. Greek buyers have been very active, particularly in Supramax sector, as they still see values at attractive levels.
Following three rounds of inspections, the ‘MAEMI SPIRIT’ (53,482dwt-blt ‘08, Japan) is now reported sold to Greek buyers for a price in the region of $11.2m, a level significantly lower than the $13.05m the ‘NIKKEI DRAGON’ (52,950dwt-blt ‘09, Japan) managed to obtain the prior week. In the Kamsarmax sector, Greek buyers are reported to have bought the ‘PRIME LILY’ (81,507dwt-blt ‘12, S. Korea) for a price in the region of $20.6m, basis delivery Atlantic, which would justify the premium on price and we compare this to the ‘JAG ARYA’ (81,000dwt-blt ‘11, S. Korea), which was sold to Greek buyers, for a price in the region of $18.95m a few weeks ago.
In the tanker sector and in view of the recent increase in freight rates, particularly on the crude side, buying interest is now becoming more apparent. Two Aframaxes the ‘DHT CATHY’ (119,928dwt-blt ‘04, S. Korea) and the ‘DHT SOPHIE’ (112,045dwt-blt ‘03, S. Korea) have been sold for a price in the region of $12.4m and $11.9m respectively to Greek buyers. A number of similar aged ships are now inviting offers and we expect to report more on them within the next couple of weeks.
As far as MR tankers are concerned, the ‘NORD INNOVATION’ (47,981dwt-blt ‘10, Japan) has been sold for a price in the region of $17.2m to Turkish buyers (c/o Densay) after seven buyers inspected her in Rotterdam. The fact that the vessel will be delivered with surveys passed and BWTS installed has affected her final price that is higher compared to the last done.
Additionally, we are noticing that banks are also becoming more optimistic on the tanker sector with increasing talk of financing for bigger vessels as well, possibly seeing the same opportunities they saw on the dry bulk side when the sector was slowly coming out of its lows in the not-too-distant past.
One thing is certain, the SnP market will maintain everyone’s interest vivid in the coming winter and it looks like buying opportunities are still present in both sectors.
By Vasilis Moiris
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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- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
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- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
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- Parliament of New Zealand
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Planning Commission, India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
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