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