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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, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
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- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
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