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