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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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Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
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- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Minerals Council of Australia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
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