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