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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, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - 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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- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
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