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