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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
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