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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
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- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Marubeni Corporation - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
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