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