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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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Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
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- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Australian Coal Association
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- The University of Queensland
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
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