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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, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- The University of Queensland
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- White Energy Company Limited
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
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