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