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