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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
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