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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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Tuesday, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
Monday, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
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- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Australian Coal Association
- Planning Commission, India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
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