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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, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
Monday, 17 September 18
GLENCORE RETURNS TO JAPAN COAL TALKS SCUPPERED BY HIGH PRICES - BLOOMBERG
Mining giant Glencore Plc and Japanese utilities have resumed thermal coal supply negotiations, restarting talks that fell apart earlier this year ...
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- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Minerals Council of Australia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
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