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