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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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Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
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- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- ASAPP Information Group - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- The University of Queensland
- Ministry of Mines - Canada
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