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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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Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
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- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- The University of Queensland
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Planning Commission, India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
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