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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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Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
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Showing 1586 to 1590 news of total 6871 |
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- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- PTC India Limited - India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
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