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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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Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
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