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Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal in earnings that showed its first signs during the end of last year has today become a reality that has led asset prices into an impressive rally during the first quarter of 2017. It is no wonder that a big number of shipping companies are steadily differentiating from more reserved strategies followed during the historical lows of 2016 and currently revisit the idea of investing in the secondhand market with additional vessels or to renew their fleet altogether.
In the meantime it is clear that the average life cycle of a Bulk Carrier has decreased. The majority of purchase enquires in the Dry sector concerns vessels from prompt resale up to maximum 15 years of age, in contrast to 2013 when purchase enquiries were mainly for vessels of around 20 years old and 2010 when 25 year old vessels were more popular.
A shorter vessel life cycle combined with increased purchase appetite, luck of ample sale candidates along and firmer demolition prices have caused a "boom" in asset prices of both modern and older tonnages in a rather short period of time. It is no wonder that voices raising concern that current asset prices might be inflated are getting louder. But are these concerns excused?
The table below illustrates the price of a 10-year old Japanese Supramax during the past five years at times when the Baltic Supramax Index was at levels similar to todays.
It is clear that a 10-year old Japanese Supramax vessel, valued at around $10.0m according to the latest sale- is still very cheap compared to oldest sales during times when the index was at the same levels and the orderbook for the size was substantially higher.
The following sales further support the argument that prices today are higher when compared to last November but certainly not inflated at all when compared to previous years.
The M/V Admiral Schmidt (55,000 dwt, blt 07, Japan) was sold at $9.8m in early March 2017.
In September 2014 the ex-M/V Sea Lily (52,000 dwt, blt 04, Japan) was sold at $15.7m.
In May 2013 the ex-M/V Ultra Paguera (53,600 dwt, blt 03, Japan) exchanged hands for $14.8m.
Finally, in July 2012 the ex- M/V Vega Eternity (52,400 dwt, blt 02, Japan) was sold for $16.8m.
To sum up, it seems that the improvement in today’s prices is not the result of a market bubble that has led to inflated prices but merely a delayed correction, which has shocked perspective buyers only because it has taken place in such a short period of time. More importantly, looking into previous years, it seems that there is more room for further correction and we will most probably witness additional price increases sooner rather than later.
By Konstantinos Kontomichis
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, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
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- Thai Mozambique Logistica
- Central Electricity Authority - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
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