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