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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, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
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