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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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Showing 2106 to 2110 news of total 6871 |
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- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Planning Commission, India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
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