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Wednesday, 02 August 17
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
 During the duration of the first half of the year, the dry bulk market saw intense buying interest that boosted SnP prices significantly. We saw a number of Greek buyers showing intense interest in 15-year old Supramax and Panamax vessels, which led values in some cases to appreciate even more than 50% in the time span of seven to eight months. Indeed the quick reversal in second hand prices showed its first signs in the very beginning of the year, when a sudden psychology boost post New Year’s on the back of an improving freight market pushed the price of 2005 built Panamax from USD 7.3m at the end of February to around USD 10.0m about two weeks later on.
The momentum in second-hand prices was so strong that throughout the downward correction of freight rates during the second quarter, asset values moved downwards a bit but resisted very well nonetheless. The number of transactions that took place during this time was evidently smaller, as Sellers didn’t seem ready to give in the pressure and some had to withdraw their vessels waiting for a positive correction of the market. A representative example during the past weeks is that of the Panamax bulkers M/V ‘BULK MONACO’ (76,596dwt-blt 08, Japan) and the M/V ‘UNICORN OCEAN’ (78,888dwt-blt 08, Japan), the owners of which were unsatisfied with the offers they received and decided not to sell.
The Capesize market also witnessed a similar trend following the sale of the M/V ‘YURITAMOU’ (180,184dwt-blt 07, Japan) at USD 23.4m in May. The M/V ‘IVS CABERNET’ (177,173dwt-blt 07, Japan) that came up as a sale candidate following the former sale, saw very limited buying interest and the highest offered it received was in the mid USD 16.0m, which led to its withdrawal from the market.
As far as Supramax vessels are concerned, we could say that Chinese candidates are currently the most tempting deals. Indeed, 10-yr old Chinese Supras are now sold at less than USD 9.0m, while a few days ago a Japanese Supra built in 2003 was sold at USD 8.0m.
With the increased asset values on the dry bulker side, many ship owners with diversified fleets have also focused on the tanker market and in some cases on containers as well. The MR segment has witnessed increased SnP interest during the past months, with traditional tanker owners opting for 15-yr old vessels, as prices in that particular class were seen relatively more attractive. Despite this revived investing in the segment though, the pressure on behalf of perspective Buyers is still present, with the market showing a lack of direction at the moment. There are currently some “private” units marketed, belonging to Sellers who appear willing to only sell at levels in line with the market.
Looking at the Aframax/LR2 segment, Sellers here are slightly more confident, as Buyers, in this case, appear more determined to approach their ideas. With regards to the newbuilding market, despite the increased order book in the bigger tanker sizes, there is still a very healthy number of orders being reported pretty much on a weekly basis, with notable interest in S. Korean MRs and Aframaxes/LR2s. Whether this trend will resume throughout the remainder of the year is early to tell, although we won’t be surprised if that proves to be the case given what we have seen during the first half.
By Giannis Andritsopoulos
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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Wednesday, 27 December 17
SULPHUR EMISSIONS: THE OUTSTANDING CHALLENGES - UK P&I CLUB
The International Maritime Organization (IMO) has been working to reduce the harmful impacts of shipping on the environment.
It adopted Annex ...
Friday, 22 December 17
COAL INDIA BOARD CLEARS THE WAY FOR SCHEME FOR HARNESSING AND ALLOCATING KOYALA (COAL) TRANSPARENTLY IN INDIA - PIB
The Coal India Limited (CIL) Board cleared the decks for signing of Fuel Supply Agreement (FSA), for supply of coal.
According to Press Inform ...
Friday, 22 December 17
WILL THE DRY BULK INDUSTRY BECOME PROFITABLE IN 2018? - PETER SAND, BIMCO
As the dry bulk fleet is already expected to grow at a pace that matches demand growth expected in 2019, focus must be on improving the fundamental ...
Friday, 22 December 17
ESTIMATED U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 21 December 17
COAL CONSUMPTION DROPS AS GAS AND RENEWABLES CHEW INTO TRADITIONAL MARKETS - BABS MCHUGH
"The share of coal in the global energy mix is forecast to decline from 27 per cent last year to 26 per cent in 2022"
Global demand ...
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- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Heidelberg Cement - Germany
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- The University of Queensland
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
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