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Wednesday, 12 August 15
DRY BULK MARKET: WITHOUT A DOUBT REACHED HEALTHIER LEVEL
 A few weeks before the end of the summer season, the BDI is hovering around 1,200 points, providing some much needed optimism to all Dry Bulk market participants, alleviating at the same time some of the pressure that the extremely poor market of the last months had created.
Rates in the past weeks have without a doubt reached healthier levels, heating up market talk that the bottom has been reached and that going forward the market will keep firming, pushing up asset values as well, especially in the case of modern tonnage.
It is important to note that for over a month now, Sellers are fixed on their initial ideas and do not appear keen at all to negotiate at even slightly lower levels, while at the same time, candidate vessels that do not receive offers at desired levels, are not withdrawn from the market, as the upbeat sentiment is offering confidence that somewhere down the line Sellers will be able to get what they want.
Simultaneously, active Buyers that have been behind a number of inspections during the past couple of months, now start to feel more pressure as they do not want to lose the opportunities created before the market started recovering. As the BDI is climbing back up, Sellers will try to squeeze out of their vessels as much as they can, being also helped by the intense buying interest out there.
It therefore seems that prices are bound to move up, while despite the fact that August is traditionally a quiet month in terms of SnP activity, this year might be the exception. In fact, judging from the first 10 days into the month, activity together with inspections remain ample, while most inspections nowadays lead to offers, as Buyers prefer offer now rather than wait and risk the market moving further up.
This willingness on behalf of Buyers, who seem to be rushing to secure a “good” deal as soon as possible, is bound to create further competition, which if combined with a steady – if not continuously firmer - market, will almost certainly start leading to higher asset values sometime in September. Saying that, the scenario in which Buyers that were up until recently looking to negotiate below asking prices, could now become a bit disheartened to inspect could also come true, as they will soon become aware of the intensified competition that could in some cases result in offers not just around asking levels but even higher.
The demolition market is at the same time moving towards an entirely different direction. It has been over a month now that prices have been losing considerable ground, rendering potential Sellers entirely indifferent to the scrapping option, while in the case of Dry Bulk vintage tonnage, the improvement of the market has added to the refusal of owners to further consider scrapping. Opposite to the SnP market, expectations here are negative overall, with the main market hurdles, namely cheap Chinese steel, remaining well in place and expected to push prices to even lower levels in the following months.
So in a nutshell, we could definitely say that the first half of the year was the “Scrapping” half, and the second one has kicked off with a lot of potential to become the “Buying” half.
By Panos Makrinos
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 14 August 15
CONDITIONS AND COMPLEXITIES IN A TRIPARTITE AGREEMENT: BE SPECIFIC! - INCE & CO
KNOWLEDGE TO ELEVATE
A tripartite agreement reached between the Owners, the Shippers and the Receivers provided that demurrage be paid to the ...
Thursday, 13 August 15
THE RATES FOR CAPES KEPT RALLYING LAST WEEK - INTERMODAL
COALspot.com: Strong Capesize performance kept supporting the Dry Bulk market last week, which noted another positive weekly closing, while rates f ...
Thursday, 13 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE FALLING
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Wednesday, 12 August 15
REGULATION CURBS POWER OF LOCAL AUTHORITIES IN MINING SECTOR IN INDONESIA - FLORENCE G. SANTOSO
The Indonesian Government appears to be getting serious about stripping Regents of the authority to issue mining licenses. The Government took the ...
Wednesday, 12 August 15
FOB NEWCASTLE COAL SWAP FLAT WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 0.98 per MT (-2.20%) month over month to US$ 43.65 per mt. The swap ...
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- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
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