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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, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
Monday, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
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- Ministry of Mines - Canada
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
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