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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, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
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