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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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Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
Monday, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
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Showing 2076 to 2080 news of total 6871 |
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- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- India Bulls Power Limited - India
- PTC India Limited - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
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