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