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