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Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
 Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past three weeks, with the number of potential Buyers having decreased noticeably. Despite this recent slowdown, interest in second-hand tonnage has been undeniable, evidenced by the 100 deals that have concluded from the beginning of July up until the first days of September, which concerns all dry bulk sizes from small Handies built in the 90’s to modern Kamsarmax and Capesize vessels.
An important observation is that, with very few exceptions (presence of a COA, private equity funding etc.) where buyers will offer levels close to Sellers’ ideas, we usually see owners inspecting and offering at much lower levels compare to the asking price. If this trend continues in the following weeks as well, it will naturally affect asset prices negatively.
Another important factor that is currently shaping the SnP market and the respective asset values in the dry bulk sector, is that with the exception of very modern Japanese tonnage (usually built 2013 onwards), there is an obvious abundance of sale candidates in the market, with built date ranging from 1998 up to 2012. This allows perspective Buyers to keep testing the market, which means that they will offer at – sometimes significantly – lower levels compared to the asking price, feeling assured that if their offer is not accepted by the respective Seller, they will divert their interest to the next similar available candidate.
A representative example of this trend can be found in the Supramaxes built in Cebu from 2005 until 2010. There are at least 10 such vessels currently in the market either on private basis or officially. The respective interest for such vessels though is currently not sufficient for these candidates to be sold and that is why each of these candidates sees a maximum of 2-3 Buyers inspecting them. Another example of the ample supply of bulkers currently available for sale is that of Japanese Panamax and Kamsarmax vessels built during 2004-2008, with around 15 such vessels currently available for sale and maximum 4 Buyers keen for such tonnage.
Aside from the above trend, the appetite displayed during the past months by Chinese and Middle Eastern buyers for vessels built in the late 90’s is also notable. Handysize vessels and loggers in particular have indeed seen demand spiking up, with some of these candidates achieving impressive numbers indeed when compared to younger candidates of the same size. A representative example in this case is a ’98 built Handy that was recently sold for USD 5.5 million, while another Handy half the age achieved USD 8.4 million.
As far as bulkers built in the 90’s are concerned, there is also an oversupply of vessels in the market for sale, with more than 20 Handy/Handymax candidates built from 1995 up to 1999 currently looking for Buyers. Saying this, we do believe that most of these Sellers are more interested in finding out how the market values their respective ship and less in actually selling them.
The above trends could easily change if the freight market strengthens during the last quarter of the year, in which case we do expect to see more Buyers and many of the vessels currently up for sale being withdrawn.
George Iliopoulos
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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Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
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- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Planning Commission, India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- SMC Global Power, Philippines
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
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