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