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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, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
Tuesday, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
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- Economic Council, Georgia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Parliament of New Zealand
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- White Energy Company Limited
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
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