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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, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
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- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Economic Council, Georgia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
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