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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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Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
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- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
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