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