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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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Monday, 14 August 17
THE FREIGHT MARKET CONTINUES ON AN UPWARD PATH
COALspot.com: The freight market was continued to rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positi ...
Monday, 14 August 17
IN A PARIS AGREEMENT WORLD, COAL WILL MEET GROWING ASIAN ENERGY NEEDS - BENJAMIN SPORTON
When providing 41% of the world’s electricity, 85% of global cement, 74% of the world’s steel and 60% of the world’s aluminum, co ...
Friday, 11 August 17
KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 1,280,000 Metric Tons of Bitumino ...
Friday, 11 August 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 16.1 million short tonn ...
Thursday, 10 August 17
GLOBAL COAL PRODUCTION FELL SIGNIFICANTLY IN 2016 - IEA
COALspot.com: Global coal production fell significantly in 2016, while global trade in natural gas was up. These are two of the key messages in Wor ...
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- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
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