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Wednesday, 19 October 16
THE SHIPPING MARKET IS IN A WAIT AND SEE MODE - INTERMODAL
 We are now heading towards the end of a rather volatile 2016 for the dry bulk segment. During the last 10 months there were never any clear indications that hire rates would stabilize at viable levels, but after Q1 asset values rose. Now the shipping market is in a wait and see mode, still very uncertain in regards to whether this recent small spike will prove sustainable or not and of course how will it affect asset values going forward.
It's not that investors wish the market to get worse; it’s just that right now, prices do not reflect the absence of a substantial recovery in the freight market. In other words they don't really make sense, at least to most people.
Q1 was clearly the bottom as far as values are concerned, but that lead to increased demand for modern tonnage, a trend that eventually boosted prices all the way throughout the beginning of Q4. Ship owners simply did what they do best. They invested in a low market.
During the first 3 quarters of the year, Handysize and Supramax vessels were the crowd favorites with the total number of transactions reaching 109 and 95 respectively, while Capes were trailing third with 75 deals. All in all at the end of September, a total of 465 transactions of bulk carriers were reported as being concluded.
As the buyer pool now seems to be getting smaller, we can help but wonder how SnP activity will be affected during the weeks leading to the end of the year. It seems that the shipping industry is mostly focusing on what 2017 will bring and there many people out there quite optimistic. The reason for this rare burst of optimism is based on a number of factors.
Starting with the newbuilding contracting so far we are counting only 47 contracts, with 30 of those vessels being the Valemaxes ordered by Chinese interests. We were at a 9-year low up until September. Additionally we have the Water Ballast Treatment regulations coming into effect as of next year, which will most definitely have an impact on the fleet and eventually freight rates. Owners will have to decide if they will speed up the Special Survey, prepare to install WBT or scrap the respective vessels.
Speaking about scrapping, 2015 and the first half of 2016 where very active followed by a slower H2. Now, if in addition to the new WBT regulation no further substantial recovery is witnessed in the freight market during H1 2017, demolition activity will normally remain robust throughout the summer months of 2017 and prior to the deadline of the implementation in early September. Given that there are approximately 57 million dwt (856 vessels) that are older than 20 years this does not seem too farfetched.
So from one hand there are no clear signs that the charter market will pick up, but there are factors that could or should limit the supply of tonnage. Well yes, in this assumption there is a lot of wishfully thinking, but bear with me for a second. All of the above is a combination of facts and speculation but they could eventually put a dent in the size of the fleet. In a way, it seems that 2017 is probably the first year that there are a few reasons to believe that the fleet will start to stabilize. Given the fact that that Owners and shipping in general have demonstrated remarkable resilience in this market it is not that illogical to hope or even believe that the next year could end up better even than expected.
By Timos Papadimitriou
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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Thursday, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
Thursday, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
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- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- PTC India Limited - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
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