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Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
 We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the belief that we will witness better rates in the industry.
Within a short period of two to three months, this momentum of healthy rates has intrigued many ship-owners to have a look at the possibility in purchasing a vessel. The uncertainty and mistrust of the market has not yet disappeared but it has shrunk compared to the previous months.
In the Capesize sector, we saw during the spring the total collapse of the market, where owners who wanted to sell were flirting with the idea of scrapping. Suddenly, within a few weeks the market reversed to healthy rates, with vessels being fixed in the spot market at around $37,000/day and values being around 20% up from the previous months. Thus, buying interest was focused on vessels that are five and ten years old. An example is the “NORD STEEL” (180,230dwt-blt ‘07, Japan), where more than five buyers inspected. In addition, after a few months, the vessels that were actually for sale could be counted on one hand for ages five up to fifteen years old.
In the Panamax sector, with the support from the chartering and from the continuous increase of the BDI, we saw increasing interest from many ship-owners for vessels that are around fifteen years old, that are considered by many as money makers. Moreover, on Panamaxes the SnP transaction of the “CLIPPER VICTORY” (77,119dwt-blt ‘15, Japan) is noteworthy, which was sold to a Greek owner, Eastern Mediterranean, for a price in the region of $21.0m. Usually, on these SnP transactions, it is typical to have interest for vessels with a deadweight in excess of 80,000 tonnes, however the price of the asset makes it a tempting deal.
In the Supramax sector after the sale of the “KESTREL I” (50,351dwt-blt ‘04, Japan), which was sold Taiwanese buyers for a price in the region of $7.3m, many buyers, including Greeks, have recently focused on purchasing vessels in excess of 50,000dwt up to 54,000dwt, built around 2000. The reason is that the value of these vessels has decreased and they are not willing to pay the premium for vessels over 56,000dwt. Lastly, In Supras that are around ten years old, there are plenty of available candidates for sale but buying interest is limited, as many believe that with these prices you cannot cover the investment.
Handies have not followed the upward trend of the freight market in recent months. Regarding values of the 28,000dwt vessels, they are still at low levels and it looks like they cannot tempt or attract Handy owners. The same can be identified with regards to the Chinese Handies from 32,000dwt up to 37,000dwt. In the Japanese Handies with capacities exceeding 32,000dwt, the market is more encouraging as after the sale of the “IKAN JERUNG” (31,760dwt-blt ‘09, Japan) we have witnessed a reluctant interest for vessels with three generators and following that, for vessels with two generators with the example of the “C. S. STAR” (33,000dwt-blt ‘11, Japan), which was sold to Greek buyers with a total of four inspecting the vessel.
By Giannis Andritsopoulos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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, 24 June 24
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- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- The University of Queensland
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
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