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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, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Minerals Council of Australia
- The Treasury - Australian Government
- Economic Council, Georgia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
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