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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, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
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- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Lanco Infratech Ltd - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
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