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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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Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Australian Coal Association
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- PTC India Limited - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
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