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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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Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
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Showing 2086 to 2090 news of total 6871 |
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- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- White Energy Company Limited
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