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Wednesday, 25 May 16
DRY BULK SNP MARKET DISPLAYS SIGNS OF STRENGTH - GEORGE ILIOPOULOS
 Only a couple of weeks away from the world’s most prominent maritime event, the market for tankers displays an evident lack of confidence in regards to future prospects, hence buying interest remains particularly reserved. The number of inspections that takes place at the moment is fairly limited, while comparing recent sales of VLCC tonnage to similar sales that took place towards the end of last year, we see that prices are roughly 15% down. With the exception of a few specific deals involving VLCC and Suezmax tonnage, buying interest over in the tanker sector mostly focuses on MR vessels, particularly those units controlled by financiers, while except from the lack of confidence, another major issue that weighs down on SnP activity is the big gap between price levels offered by Buyers and those that are accepted by the Sellers.
Moving on to the demolition market, prices here are also pointing down. At the same time, demo buyers are also becoming more and more reserved in their bids, while despite the fact that prices offered at the moment are without a doubt improved compared to the $220/ldt levels that the market witnessed back in February, we believe that the stability can only be achieved after budget announcements, scheduled in June, take place.
At the same time, the dry bulk SnP market displays signs of strength, with buying interest focusing mainly on Supramax and Kamsarmax tonnage built during the last decade. A representative example of this recent momentum in the market is the M/V UNITED TREASURE (82kdwt blt 06 Japan), which was inspected by more or less fifteen (!) buyers. The healthier freight market, combined with improved psychology and of course the aforementioned firming appetite by Buyers, have provided support to asset prices for vessels close to 10 years of age. We calculate this increase in the region of 15%-20% compared to price ideas for similar vessels back in the beginning of the spring season.
Similarly, buyers are also looking with increased interest tonnage built around the end of the 90’s up to the early 00’s, something that we hadn’t seen in a while as the majority of sales was mainly focusing on modern tonnage up until recently. It is mainly ships of 40,000dwt and above that are enjoying this renewed interest for older tonnage and as a result the values of these vessels have also firmed despite the fact that scrap prices offered today are $20/ldt lower than what they were a few weeks ago.
To put things in perspective, a 2000 built Handymax with SS/DD passed was sold at around USD2.9m sometime in the beginning of March and a similar ship today could easily fetch USD3.5m or more, which translates to a 21% increase. Another positive sign that comes to reinforce this reserved optimism of late is that during the past few months the number of ships sold for scrap has been particularly firm while at the same time newbuilding activity remains almost non-existent. Despite the fact that earnings have still a long way to go before reaching levels at which owners can feel less challenged, the reality is that all the developments above are displaying clearly that the market is moving towards more balanced fundamentals as the size of the size fleet is slowly getting “under control”. Given of course that global growth and consequently trade growth still face numerous challenges, it is imperative that we see more scrapping activity for longer before things balance out.
Let’s hope that the reserved optimism in the dry bulk market is not exaggerated and that the market manages to move to healthier and more viable levels sooner rather than later.
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, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
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