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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- The University of Queensland
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
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