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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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Tuesday, 21 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Economic Council, Georgia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
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