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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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Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- The University of Queensland
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
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