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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, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
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- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Planning Commission, India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- VISA Power Limited - India
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
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