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Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
 The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal in earnings that showed its first signs during the end of last year has today become a reality that has led asset prices into an impressive rally during the first quarter of 2017. It is no wonder that a big number of shipping companies are steadily differentiating from more reserved strategies followed during the historical lows of 2016 and currently revisit the idea of investing in the secondhand market with additional vessels or to renew their fleet altogether.
In the meantime it is clear that the average life cycle of a Bulk Carrier has decreased. The majority of purchase enquires in the Dry sector concerns vessels from prompt resale up to maximum 15 years of age, in contrast to 2013 when purchase enquiries were mainly for vessels of around 20 years old and 2010 when 25 year old vessels were more popular.
A shorter vessel life cycle combined with increased purchase appetite, luck of ample sale candidates along and firmer demolition prices have caused a "boom" in asset prices of both modern and older tonnages in a rather short period of time. It is no wonder that voices raising concern that current asset prices might be inflated are getting louder. But are these concerns excused?
The table below illustrates the price of a 10-year old Japanese Supramax during the past five years at times when the Baltic Supramax Index was at levels similar to todays.
It is clear that a 10-year old Japanese Supramax vessel, valued at around $10.0m according to the latest sale- is still very cheap compared to oldest sales during times when the index was at the same levels and the orderbook for the size was substantially higher.
The following sales further support the argument that prices today are higher when compared to last November but certainly not inflated at all when compared to previous years.
The M/V Admiral Schmidt (55,000 dwt, blt 07, Japan) was sold at $9.8m in early March 2017.
In September 2014 the ex-M/V Sea Lily (52,000 dwt, blt 04, Japan) was sold at $15.7m.
In May 2013 the ex-M/V Ultra Paguera (53,600 dwt, blt 03, Japan) exchanged hands for $14.8m.
Finally, in July 2012 the ex- M/V Vega Eternity (52,400 dwt, blt 02, Japan) was sold for $16.8m.
To sum up, it seems that the improvement in today’s prices is not the result of a market bubble that has led to inflated prices but merely a delayed correction, which has shocked perspective buyers only because it has taken place in such a short period of time. More importantly, looking into previous years, it seems that there is more room for further correction and we will most probably witness additional price increases sooner rather than later.
By Konstantinos Kontomichis
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 13 July 17
SUPRAMAX: NICKEL ORE TRIPS TO CHINA VIA PHILIPPINES WITH DELIVERY S. CHINA IS PAYING AROUND MID $9000 - FEARNLEYS
Supramax
COALspot.com: Another slow start to the week with somewhat softening rates and few fixtures.
Nickel Ore trips to China via the Phil ...
Wednesday, 12 July 17
COAL HAS CONTINUED A STELLAR RUN OVER THE PAST YEAR GAINING ~10% OVER THE PAST QUARTER AND ~41% OVER THE PAST YEAR - LINOS KOGEVINAS
Having just passed the second quarter of 2017, it is interesting to take a look at the performance of the commodity market and how certain commodit ...
Monday, 10 July 17
A ROLLERCOASTER YEAR FOR COAL PRICES; ICPR ROSE 4.62% M/M
COALspot.com: Indonesian coal benchmark price rose 4.62% in July, government data showed.
The benchmark price of Indonesian thermal c ...
Monday, 10 July 17
THE FREIGHT MARKET WAS SHOWS A NEGATIVE TREND WEEK OVER WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Cape indexes show a negative trend week over week ...
Friday, 07 July 17
SHOULD WE BE AVOIDING GENERAL AVERAGE? - ALEX KEMP
KNOWLEDGE TO ELEVATE
Calls for general average to be abolished are nearly as old as the regime itself. A representative of Lloyd’s atten ...
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Showing 2006 to 2010 news of total 6871 |
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- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Marubeni Corporation - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- The University of Queensland
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
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