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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, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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Showing 2091 to 2095 news of total 6871 |
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- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- PTC India Limited - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
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