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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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Monday, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
Monday, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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Showing 2386 to 2390 news of total 6871 |
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- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- MS Steel International - UAE
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- The University of Queensland
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
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