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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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- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
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