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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
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