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