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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, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
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Showing 2041 to 2045 news of total 6871 |
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- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- PTC India Limited - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
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