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