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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
 Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that there are still many challenges, there is now also more hope that things are finally moving towards the right direction. On 11 February 2016, the BDI was at its historical lows, touching 290 points, while during that first quarter many vessels remained unfixed for long periods as in most cases below OPEX rates made no sense even for repositioning. Laying-ups naturally followed and extremely bad psychology led to extremely low asset prices, which even at historical low levels failed in many cases to ignite buying interest especially for vessels approaching 15 years of age.
As the market gradually started improving towards the end of the summer, sentiment also strengthened, helping the BDI climb above 1,000 points during the last quarter of the year. This improvement brought buying interest back, even from owners who had been inactive for years in the second-hand market. What is impressive though is the fact that even today, with the index standing at below 700 points, buying interest remains exceptionally strong despite the fact that prices remain firm – and in some cases even higher than what they were just before Christmas.
This definitely signals positive expectations for this year, which come on the back of improved forecasts for iron ore and coal demand in 2017, while the extended absence of newbuilding activity combined with high levels of scrapping last year are also reinforcing the positive momentum that is currently supporting second-hand prices. The percentage of slippage during 2016, which will be translated into delayed deliveries this year, is nonetheless important to watch out for in this rather optimistic environment.
So as the market now has more reasons to be optimistic compared to a year ago, potential buyers might look at this time as the time just before the window of opportunity to buy at fairly attractive levels closes. Consequently, interest, especially for modern tonnage has been high, with an impressive number of owners competing for such vessels. Most popular are modern Supramax and Kamsarmax vessels, with more than 10 owners inspecting each of these candidates, shaping in turn, a strong momentum in prices, with every deal being fixed at a premium over the last done.
Additionally, vessels built during the mid-late 90’s have also become popular compared to a year ago when almost no interest existed for such tonnage and when a big number of them was being sent for scrap. Indeed, we have been noticing during the past months that prices for Handymaxes and Panamaxes built at that time have inched up as buying interest particularly from Chinese and Middle Eastern buyers is firm. A representative example of this trend is the sale of two ’99 built Panamax bulkers last month at around $ 4.3 - 4.5m whereas during the same period last year a ’01 built Panamax was being sold at around $3.0m.
All in all, things have undeniably improved and we are now waiting to see whether the positive signs and the restrained optimism, successfully translate into a healthier market during the second half of this year.
By George Iliopoulos
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, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
Friday, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
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- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
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