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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, 28 April 17
U.S PRODUCED LESS COAL THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14 million short tons ( ...
Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
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Showing 2061 to 2065 news of total 6871 |
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- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
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