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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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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
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