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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, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- The Treasury - Australian Government
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
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