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Wednesday, 01 November 17
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 As it was expected, the strong dry bulk freight market of the past couple of months has inspired similar activity in the second-hand market. Nonetheless, we witness that asset prices have not increased as much as someone would expect given the strong enthusiasm out there. Instead, they have slightly scaled back and steadied at improved compared to a year ago but not excessive levels. Despite the fact that the number of owners inspecting each candidate is admittedly increased, we don’t see excessive competition among them, the kind of competition that would help prices shoot up. This has kept some ages/sizes of vessels at price levels well below that average of the past five years.
Panamax prices have covered most of the ground up to their five year average levels. Representative of this is the 10-yr old M/V Coral Topaz (76kdwt, blt ‘07 Sasebo – SS/DD due) currently negotiated at region USD14.0, a price implying a small premium on the USD 14.0m fetched by the M/V Ocean Antwerp (76kdwt, blt’07 Imabari – SS/DD passed) given that the future owner of the Coral Topaz will have to bear the imminent dry docking cost.
Supramax values are even more intriguing, specifically in the 5-yr and 10-yr age ranges that are still well discounted compared to their respective five year average levels. The M/V Neptune Pioneer (56kdwt, blt’07 Mitsui – SS/DD passed) was committed 10 days ago at USD12.7m, 15% lower than the respective five year average.
Handies are the most discounted across all ages. The M/V IVS Kite (32kdwt, blt’02 Kanda – SS/DD passed) was reported sold last week at USD6.7m, 19% lower compared to the respective five year average price.
It goes without saying that a comparison to five-year average prices on its own is not enough in helping determine whether a vessel is cheap, a bargain or expensive. Buyers’ pricing perception is also shaped by freight expectations, size/sector fundamentals etc. but the discount compared to the five year average amidst decent earnings, does give an indication of whether the SnP market has gotten ahead of itself and this doesn’t seem to be the case in this instance. Additionally, although buying interest is more Panamax oriented at the moment, 5-yr old Supras and 5-yr/ 10-yr old Handies are attractive for two reasons; one being the aforementioned discounts and second the stronger resistance these sizes will demonstrate in a possible market correction down the line.
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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Monday, 06 November 17
MARINE BUNKER EXCHANGE EXPECTS BUNKER PRICES WILL CONTINUE UPWARD TREND NEXT WEEK
World fuel indexes rose during the week, supported by main oil producers’ statements about possible extension of oil production cut agreement ...
Monday, 06 November 17
THE THERMAL COAL MARKET CAME UNDER SOME PRESSURE AS THE OUTLOOK FOR DEMAND WEAKENED - DANIEL HYNES
Commodities were mixed as investors grappled with a revised tax plan in the US amid a rising USD said Daniel Hynes in his linked in post.
Acco ...
Monday, 06 November 17
THE FREIGHT MARKET WAS CONTINUED TO SOFTEN THIS PAST WEEK; BCI DOWN 184 POINT WEEK OVER WEEK
COALspot.com: The freight market was continued to soften this past week compared to the previous week, as BDI and all segments except Panamax index ...
Friday, 03 November 17
U.S. COAL PRODUCTION FELL WEEK-OVER-WEEK, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.5 million short ton ...
Tuesday, 31 October 17
BALTIC DRY INDEX TAKES A BREAK FROM ITS UPWARD RALLY COURSE - GEORGE LAZARIDIS
It has been a week of corrections for the dry bulk freight market as it seems as the general Baltic Dry Index takes a break from its upward rally c ...
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Showing 1896 to 1900 news of total 6871 |
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- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Australian Coal Association
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- The University of Queensland
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
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