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