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Thursday, 10 September 15
IF NOT NOW, WHEN? - GIANNIS ANDRITSOPOULOS
 Our industry is well known to be cyclical with some cycles lasting longer than others. Despite the fact that these shifts in the behavior of the freight market are hardly a surprise anymore, the bottom of each cycle will always find some market participants better prepared than others, having made provisions for the difficult days that follow a period of healthy rates.
The fall in rates naturally succeeds a good period in the market that is characterized by increased freight rates and high asset values. When this fall is combined with low demolition activity and overwhelming deliveries, oversupply of tonnage is the natural consequence. Many owners believe that the bottom of each cycle offers the market a chance to find its balance, while at the same time it also presents buying opportunities that owners can capitalize on once the rebound in rates finally comes.
If we focus on what has been happening during the last three quarters of the year and how the freight market has moved from very low to healthier levels, it is evident that despite the fact that demand cannot be predicted and safely placed into the trade equation, increased demolition and decelerating order books are definitely pushing towards the right direction.
Looking at the year to date period, an interesting point is that buying interest expressed by some owners that usually focus their activity on wet tonnage, has now oriented towards second hand Dry Bulk vessels. The attractive secondhand values over at the Dry Bulk market seem to have convinced non-traditional Dry Bulk owners to invest in the sector, with modern units that are currently priced well below the respective new building assets, luring most of the market interest.
In the first quarter of the year we only saw a small number of second-hand transactions concluding when compared to the number of inspections performed, while as we headed towards the second quarter, the number of buyers in the second hand dry bulk market increased impressively despite the fact that the BDI had hardly moved.
Having as a starting point the sale of the “PRABHU MOHINI” (82,000dwt, ‘11 blt 2011, S. Korea) at low $17.0m back in the beginning of April up to the sale of the “PINCHAT (81,290dwt, ‘12 blt, S. Korea) at $21.5m a couple of weeks ago, we see a gradual improvement in asset values that has not been affected by the ups and downs of the BDI during the second half of the summer season.
Is therefore now the time for an owner who is determined and can support the acquisition of a vessel for a few years to invest in the second-hand market? With the last done for a Japanese Supramax blt ‘08 at $10.8m and the last done for a Japanese Handysize blt ‘11 at $10.0m, the argument for acquisitions is definitely strong.
Predicting the bottom or the top of the cycle is fairly impossible. Back in 2005 owners who acquired second-hand tonnage had to watch rates fall for more than a year most probably thinking; ”Game Over”. Yet a bit later on and for the next two years, their uncertainty was replaced by the feeling of absolute success and the rest is history. We are not suggesting that asset values could over-perform in the same way they did back then..but saying this, is anyone convinced that there is no significant upside to current levels?
By Giannis Andritsopoulos
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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Sunday, 06 September 15
AUTOMATION AND TECHNOLOGY IS CERTAINLY PART OF THE SOLUTION FOR IMPROVING PERFORMANCE AND EFFICIENCY TO MAKE THE MINE OPERATIONS MORE PROFITABLE, HOWEVER............ - LUKE JALSEVAC
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Luke Jalsevac, Director, Busines ...
Sunday, 06 September 15
THE CAPE SIZE INDEX ROSE 10.83 PER CENT WEEK OVER WEEK
COALspot.com: The BDI, the Baltic exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined o ...
Saturday, 05 September 15
DRY BULK MARKET MAY SUFFER NOW, BUT IS BOUND FOR A RECOVERY THANKS TO A LIMITED FUTURE FLEET GROWTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The slow increase of dry bulk tonnage growth this year could turn into a solid indicator of the market’s future prospects. According to a rec ...
Friday, 04 September 15
U.S. COAL PRODUCTION FOR THE W/E AUGUST 29, UP SLIGHTLY; FALL 4.5 PERCENT Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.7 million shor ...
Friday, 04 September 15
GOVERNORS WILL HAVE THE POWER TO REVOKE MINERS' PERMITS: ENERGY MINISTRY - JG
Starting Oct. 1, Indonesia's governors will lawfully become "executors" in revoking the licenses of miners that fail to secure a &quo ...
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- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- White Energy Company Limited
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
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