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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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Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Economic Council, Georgia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
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