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