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