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Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
 In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand growth/patterns, and deflation in asset prices. And how prevalently this deflation has already manifested in newbuilding prices! In real dollar terms, we are currently at historic all-time lows!
In regards to dry bulkers, there is essentially no newbuilding market due to the steep discount of newbuilding resales versus ‘new’ newbuilding contracts. For example, Chinese Cape resales stand at rgn $33m while no yard can quote less than low $40m’s for newbuilding. Newbuilding prices are well into all-time inflation-adjusted lows. For instance, in 1985 at the absolute nominal nadir, Panamax Bulker newbuildings could be contracted at $13.5m which translate at $30.2m today’s dollars. This is low enough for investing because it is substantially below the true cost of creating the underlying asset and the current NB resale prices benchmark a nominal 15-year low vs newbuilding prices, a metric that appears unbeatable for several investments including shipping.
Tanker newbuilding prices are also depressed but at least there is a thin market with several LOIs placed and fewer actual contracts. Interestingly, in nominal terms we are well below the 2012 lows, one of the worst tanker freight years in modern history. This can be attributed to the deteriorating lack of financing and outlook on the segment. Tanker newbuildings will eventually become a buying opportunity since second hand vessel prices have been correcting but not any close to the dry bulk levels (the last is tanker owners’ worst fear).
Shipbuilding prices are moving towards the bottom while will remain low for some time -unless something spectacular occurs in the freight market- due to government subsidies, over-competition, low commodity prices, currencies devaluations, lack of financing and the yards resolution to accept loss-making orders to keep the production line going. On the other hand, the substantial downsizing of shipbuilding overcapacity, the emergence of government-backed NB contracts, certain attempts to cartelize pricing (see, Korea) and regulatory developments constitute major resistance levels.
All in all, the prevailing dry bulk newbuilding resales represent an attractive entry point. The ongoing correction in tanker newbuilding prices, which are already well-below the 2002 crashed prices in real dollars, will eventually lead to excellently timed orders. Hopefully over-ordering this time will be avoided thanks to lack of financing and the recent/ongoing traumas.Chartering (Wet: Stable +/ Dry: Firm +)
With a lot of help from Capes last week, the dry bulk market reached levels last seen back in 2015. The BDI closed today (13/09/2016) at 796 points, down by 8 points compared to yesterday’s levels (12/09/2016) and an increase of 51 points when compared to previous Tuesday’s closing (06/09/2016). Despite the fact that earnings kept witnessing pressure in some cases, activity for the crude carriers remained healthy, fact that will act as a meaningful support in the following days. The BDTI on Monday (12/09/2016) was at 543 points, an increase of 26 points and the BCTI at 402, a decrease of 32 points compared to last Tuesday’s (05/09/2016) levels.
By Panos Tsilingiris
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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Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
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- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Deloitte Consulting - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
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