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Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
 As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Panamax segments, as they are currently the most attractive candidates in the second-hand market.
During the first three months of 2016, we witnessed a sluggish SnP market along with a downward trend in freight rates that forced ship owners to mainly trade their vessels in the depressed spot market, in order to keep repositioning with the hope that earnings would eventually recover. Needless to say that interest in the SnP market was hard to find amidst all time low earnings in some cases, while the few ship owners that did inspect back then offered significantly low. As a result the market witnessed exceptionally competitive prices in both segments for vessels around 10 years old, especially in Q1.
To put thigs in perspective, the M/V ‘TENSEI MARU’ (52k,blt 07, Japan) was sold at the end of February around $ 6.5m to Bangladeshi buyers, whereas this week it is rumoured that Bangladeshi buyers offered xs $ 9.0m for a similar tonnage vessel, namely the M/V ‘OCEAN PARADISE’ (58k,blt 07, Cebu), which translates to an increase of more than 40%. In the Panamax segment, a representative example of this appreciation is the M/V ‘LOWLANDS CAMELLIA’ (76k, blt 06, Japan) which was sold around $ 5.9m in the beginning of March, whereas a similar vessel currently has an estimated value of xs $8.0m, with rumours spreading that a private Japanese Panamax, built in 2006 has been fixed at these levels.
Without a doubt the fact that freight rates have moved up a bit to healthier levels has certainly supported asset prices, but we believe that the upward movement in second-hand values has more to do with the fact that many ship owners want to expand their fleet with modern tonnage while prices are still low and less with the recent freight rate improvement. Another sign of the rebound on the SnP market during the last months is the interest of ship owners globally in Chinese tonnage, something that in the beginning of the year was non-existent.
Since the Posidonia event in June 45 vessels from Supramax to Kamsarmax built 2001 onwards have been sold, while during the period starting in January and finishing just before the event, only 25 reported sales of Chinese build vessels in similar age and size were recorded. A big number of these vessels were seized by banks and were therefore sold in distressed prices, while the number of distressed deals coming from troubled yards was also significant, which makes hard to accurately capture the volatility in asset prices as far as the aforementioned Chinese tonnage is concerned.
What we can assume though is that the prices of vessels built in a-list Chinese yards are definitely higher now compared to the first months of the year, while on top of that more buyers are now inspecting and offer more competitively for these vessels, surely nowhere close to the levels of similar Japanese built tonnage, but definitely higher than before.
All attention eyes are now on the last quarter of the year. If the freight market continues to improve then it should support asset prices to an even bigger extent than what they already have, possibly bringing more perspective buyers back from the sidelines in the never ending effort to ride the upside.
By George Iliopoulos
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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Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
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- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- PTC India Limited - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
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