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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, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
Tuesday, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
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- Indian Energy Exchange, India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Minerals Council of Australia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
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