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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, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Planning Commission, India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
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