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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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Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
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