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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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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Petron Corporation, Philippines
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
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