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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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Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Agrawal Coal Company - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
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