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Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
 Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freight market at the moment, stagnation is the one that pretty much sums it up.
It seems that at this point of time the dry bulk market has found some sort of balance around OPEX levels for all segments, but even in these cases where a small profit margin is achieved, this is usually too insignificant to allow owners to meet the additional obligations arising from the financing cost that burdens most vessels.
The question that naturally arises is what will be this decisive event that will create the momentum to help drag the market outs if this current stagnation and what sorts of levels can it push the market to.
Irrespective of where the market is, the last two quarters of the year are typically stronger due to the boost of trade volumes of a number of dry cargo commodities at this time of the year. This means that we could well see the index nearing 700 points before the end of the year. Saying that, last year comes as a reminder that history doesn't always repeat itself. While bold predictions were made for the end of 2015, the market not only didn’t move upwards but it actually marked historical , up to that point, lows in many cases, which brings us to the negative scenario for this year end.
The prolonged uncertainty caused by long-term stagnation with minimum profits even for vessels without any CAPEX, has been certainly affecting psychology. Even though there has certainly been an improvement when compared to the first quarter of the year, when lay-up talk had heated up, the fact that a ceiling seems to have been reached for now is definitely removing sentiment support to a degree.
The third scenario is for the index to keep moving around the same levels for an even longer period of time, with the opposing market forces cancelling each other out, allowing the BDI to achieve only minimal adjusting movements around current levels.
Depending on which scenario market players believe in most, a different view is being shaped in regards to second-hand market strategy. From the one side the most optimistic players, taking advantage of the very attractive prices that are still close to all-time historical lows, move aggressively, inspecting vessels and choosing their investments strategically. A very distinctive example of players who seem to trust the market’s dynamics, taking a position in favor of an upcoming improvement are names like these of Oldendorff, Laskaridis and Marmaras who have recently acquired larger tonnage vessels. The same tendency can be found in vessels of smaller tonnage as modern Handy’s attract firm interest from perspective buyers. On the other side, many owners choose the opposite strategy selling their vessels or making them available for sale.
It is indisputable that 2016 has so far proven to be a great window for shopping in all dry bulk sizes. The key question is how long this window will remain open for. Even if the BDI further advances during the upcoming months, it is hard to believe that asset values will increase to last year's levels anytime soon, which in turn probably offers additional time to prospective buyers to carefully monitor available market candidates and even adjust their buying strategy.
By Nassos Soulakis
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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Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
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- White Energy Company Limited
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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