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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, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
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- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Australian Coal Association
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- The University of Queensland
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
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