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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, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
Wednesday, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
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- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Thai Mozambique Logistica
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
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