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Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
 The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal in earnings that showed its first signs during the end of last year has today become a reality that has led asset prices into an impressive rally during the first quarter of 2017. It is no wonder that a big number of shipping companies are steadily differentiating from more reserved strategies followed during the historical lows of 2016 and currently revisit the idea of investing in the secondhand market with additional vessels or to renew their fleet altogether.
In the meantime it is clear that the average life cycle of a Bulk Carrier has decreased. The majority of purchase enquires in the Dry sector concerns vessels from prompt resale up to maximum 15 years of age, in contrast to 2013 when purchase enquiries were mainly for vessels of around 20 years old and 2010 when 25 year old vessels were more popular.
A shorter vessel life cycle combined with increased purchase appetite, luck of ample sale candidates along and firmer demolition prices have caused a "boom" in asset prices of both modern and older tonnages in a rather short period of time. It is no wonder that voices raising concern that current asset prices might be inflated are getting louder. But are these concerns excused?
The table below illustrates the price of a 10-year old Japanese Supramax during the past five years at times when the Baltic Supramax Index was at levels similar to todays.
It is clear that a 10-year old Japanese Supramax vessel, valued at around $10.0m according to the latest sale- is still very cheap compared to oldest sales during times when the index was at the same levels and the orderbook for the size was substantially higher.
The following sales further support the argument that prices today are higher when compared to last November but certainly not inflated at all when compared to previous years.
The M/V Admiral Schmidt (55,000 dwt, blt 07, Japan) was sold at $9.8m in early March 2017.
In September 2014 the ex-M/V Sea Lily (52,000 dwt, blt 04, Japan) was sold at $15.7m.
In May 2013 the ex-M/V Ultra Paguera (53,600 dwt, blt 03, Japan) exchanged hands for $14.8m.
Finally, in July 2012 the ex- M/V Vega Eternity (52,400 dwt, blt 02, Japan) was sold for $16.8m.
To sum up, it seems that the improvement in today’s prices is not the result of a market bubble that has led to inflated prices but merely a delayed correction, which has shocked perspective buyers only because it has taken place in such a short period of time. More importantly, looking into previous years, it seems that there is more room for further correction and we will most probably witness additional price increases sooner rather than later.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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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Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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Showing 2091 to 2095 news of total 6871 |
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- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
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