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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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Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
Wednesday, 12 September 18
MARINE BUNKERS: THE END OF THE WORLD AS WE KNOW IT - IBIA
KNOWLEDGE TO ELEVATE
The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. ...
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- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
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