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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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Tuesday, 20 June 17
WORLD ECONOMY SHOWS A MORE OPTIMISTIC TREND
During the past weeks, we have seen many organizations and think tanks show a more optimistic face with regards to the world economy. The World Ban ...
Monday, 19 June 17
PANAMAX RATES HELP BALTIC INDEX TO A POSITIVE MOVE
COALspot.com: The Freight market rose very marginally this past week compared to the previous week, as BDI and Panamax indexes show a positive tren ...
Friday, 16 June 17
WEEKLY U.S. COAL PRODUCTION RISES; UP 24.1% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 15 June 17
SUPRAMAX NICKEL ORE FROM PHILIPPINES TO S. CHINA PAYING AROUND MID $10000 - FEARNLEYS
Supramax
Market looked more promising from both sides of the basins. Within Atlantic USG returned with tick better rates seen as tonnage kept tig ...
Wednesday, 14 June 17
WORLD COAL PRODUCTION FELL BY 6.2%, THE LARGEST ANNUAL DECLINE ON RECORD - BP
COALspot.com: The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as ...
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- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
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- Goldman Sachs - Singapore
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- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
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- Tamil Nadu electricity Board
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- Oldendorff Carriers - Singapore
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- Parliament of New Zealand
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- Standard Chartered Bank - UAE
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- Indian Energy Exchange, India
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- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
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- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
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- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
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- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Singapore Mercantile Exchange
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- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
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- Merrill Lynch Commodities Europe
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- Directorate General of MIneral and Coal - Indonesia
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- GVK Power & Infra Limited - India
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- Petron Corporation, Philippines
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- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
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- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
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- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
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- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
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- Wilmar Investment Holdings
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- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
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- ICICI Bank Limited - India
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- Semirara Mining Corp, Philippines
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- India Bulls Power Limited - India
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- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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