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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.
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Wednesday, 21 June 17
MARKET INSIGHT - SHIPPING
Looking back at March and April shipping reports when the dry bulk indexes were starting to move up, a number of shipping analysts were stating tha ...
Tuesday, 20 June 17
WORLD ECONOMY SHOWS A MORE OPTIMISTIC TREND
During the past weeks, we have seen many organizations and think tanks show a more optimistic face with regards to the world economy. The World Ban ...
Monday, 19 June 17
PANAMAX RATES HELP BALTIC INDEX TO A POSITIVE MOVE
COALspot.com: The Freight market rose very marginally this past week compared to the previous week, as BDI and Panamax indexes show a positive tren ...
Friday, 16 June 17
WEEKLY U.S. COAL PRODUCTION RISES; UP 24.1% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 15 June 17
SUPRAMAX NICKEL ORE FROM PHILIPPINES TO S. CHINA PAYING AROUND MID $10000 - FEARNLEYS
Supramax
Market looked more promising from both sides of the basins. Within Atlantic USG returned with tick better rates seen as tonnage kept tig ...
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Showing 2021 to 2025 news of total 6871 |
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- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- The University of Queensland
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
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