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Wednesday, 16 May 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
 Half-way through the second quarter of the year and as the Posidonia week approaches everyone is getting ready for this unique gathering that besides the exhibition includes a number of conferences, receptions and events that will once again be attended by a truly international crowd. While the preparation fever is expected to hold, market developments keep taking place on the dry bulk side, with activity so far in the year shaping expectations for what could be probably coming ahead as well. Since the beginning of 2018 we count around 230 second-hand sales on the dry bulk sector, which is a healthy number indeed, while newbuilding contracting has also seen steady numbers.
Out of those 230 bulkers that changed hands during the past months, 100 where built in China. Most of the buying interest focused on Handysize up to Ultramax tonnage, with this dwt range counting 160 sales. Indeed buyers where showing much more interest in inspecting such vessels compared to Panamaxes and Capes.
A 2007 built Handysize vessel for example had lured the interest of 6 different buyers, while during the same period a ten year old Panamax had only seen interest by three parties. This also explains why Handysize asset values have been moving upwards during the past two-three months. We recently saw a 38kdwt non-Japanese bulk carrier built in 2011 being sold for USD 11.3 million and a 33kdwt Japanese unit built in the same year fetching more that USD 15 million. Both these prices are indicative of the increasing popularity Handysize vessels above 33kdwt are currently enjoying.
Interest has also been witnessed for Supramax/Ultramax candidates. Chinese built Supras in particular have witnessed a lot of activity, with prices inching up as a result compared to the beginning of the year. Japanese tonnage of this deadweight range has also been popular. The Supramax second-hand market has been somewhat split in two different categories, both enjoying firm momentum. On one hand small Supras (50-52kdwt) built in the early 2000’s that were sold to Chinese owners just in time for CCS import and on the other hand bigger vessels (55dwt+) built during the years 2006-2012 that have been particularly popular as well. A representative example of the later is the sale of the M/V DARYA VISHNU (56kdwt, blt’ 06 Japan that was sold for a price in excess of USD 13 million. About a year ago a sister ship of the M/V DARYA VISHNU had fetched circa USD 10 million, while the same vessel was sold at the end of 2017 slightly above USD 11.5 million.
Depending on the condition of the vessel and its respective surveys position, the appreciation in Japanese Supramax vessels since the beginning of the year is calculated at around 20%. It will also be very interesting to see how asset prices for Japanese Supras built 2009 onwards will shape given the fact that there are very few candidates fitting the above description. We recently saw the M/V EM SAPPHIRE (54kdwt, blt ’09 Japan), one of the very few candidates within this age range, being sold close to USD 15 million.
Prices appear to be on the rise again and the performance of the freight market during the summer season will definitely help shape expectations for the last quarter of the year.
By George Iliopoulos
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, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
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- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
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