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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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- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- The University of Queensland
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
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