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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, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
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- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- The University of Queensland
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
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