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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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Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
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, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
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