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Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
 During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Imabari (28kdwt Shimanami blt’08), which was sold to Greek Buyers for USD 8.5m. About a year ago and while the BHSI stood at similar levels, the sale of the Japanese M/V ex- Laser Ace(28kdwt Shimanami blt’07) also to Greek buyers, materialized at USD 7.7 m. Thus, with the index at similar levels, the price of a 10-yr old Japanese Handy has shown an increase of 10 %. I would say that this is due to strong sentiment among owners operating in this segment and if freight rates remain at healthy levels we will see further appreciation on asset prices.
As far as 10-yr old Supramax units are concerned and while the BSI ended last week at 1,197 points, we had the sale of the M/V Medi Firenze (58kdwt Cebu blt’08) at USD 13.3m with the vessels dry docking due in December. This is the same price that Nova Marine paid for the smaller and older ship, the M/V ex- Darya Vishnu (56kdwt Mitsui blt’06) back in March 2018, despite the fact that the index is now standing roughly 10% above March levels.
Therefore, one could argue that this segment is nowadays experiencing a slowdown in SnP activity compared to last March, with a possible softening in asset values around the corner. In my view though, this is strictly due to several ships being up for sale in this segment, which gives confidence to firm buyers who are currently lowballing and searching for a good deal instead of competing and pushing the barrier higher. Currently, focus has shifted on the M/V Triton Seagull (56kdwt Mitsui blt’07) and the M/V Queen Halo (58kdwt Tsuneishi Cebu blt’10) that received offers yesterday and today respectively.
Furthermore, on the Panamax sector we noticed this week the sale of the M/V Double Prosperity (76kdwt Imabari blt’05) to clients based in Qatar for USD 10.6m. We feel that this depicts the low buying appetite for similar vessels, while there is the exception of traditional buyers in this segment, who are currently looking to quickly take advantage of current soft prices. Our focus is now on the M/V AOM Milena (76kdwt Shin Kasado blt’09) that is receiving offers today.
As in the case of Supramaxes, the softness in asset prices can only be explained by the abrupt oversupply of sales candidates that came for sale late in the summer in combination to the handful of quiet buyers who cautiously waited to see a market reaction coming into Q4. After all average earnings for Panamaxes and Supramaxes are currently up 15% and 22% compared to mid-summer.
I am confident that if rates continue to rise and we get a healthy finish throughout Q4 this will convince hesitant buyers to go the extra mile and come on board ships boosting competition as a result. It will also alleviate hesitant financial stakeholders to regain confidence in the market, which should eventually lead to an increase of available finance. As a result, new eager buyers are expected to come forward, pushing existing buyers to offer higher in order to finally manage to get their hands on the ship they are looking for. All in all, given the current trend, it might not take too long until asset prices once again start moving north.
By Ilias M. Lalaounis
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, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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 ...
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- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
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