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