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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
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