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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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Wednesday, 05 July 17
TROUBLE SEEMS TO BE LOOMING ONCE MORE IN THE STEEL INDUSTRY - GEORGE LAZARIDIS
Trouble seems to be looming once more in the steel industry as US President Trump puts forth his plans for specialist protectionist measures for th ...
Friday, 30 June 17
U.S. WEEKLY COAL OUTPUT SLIGHTLY DOWN
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tonn ...
Wednesday, 28 June 17
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
From the beginning of the year until now SnP activity has changed significantly. To put things into perspective, after a fast and furious q1 on the ...
Monday, 26 June 17
PANAMAX/KAMARMAXES HAD A STRONG WEEK WITH RATES RISING IN MOST AREAS OF THE MARKET - BALTICEXCHANGE
Capesize
A dark cloud appeared to have descended over the market for the big ships with rates continuing to slide in all areas. There was a repor ...
Friday, 23 June 17
U.S. WEEKLY COAL PRODUCTION TOTALED APPROXIMATELY 15.8 MMST; UP 1.8% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.8 million short tonn ...
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Showing 2016 to 2020 news of total 6871 |
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- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Bhatia International Limited - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Planning Commission, India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
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