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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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Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Planning Commission, India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
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