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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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Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
Wednesday, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
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Showing 2046 to 2050 news of total 6871 |
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- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
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