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Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
 So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looking to get their hands on any size within a big range of modern tonnage varying from small Handies to Newcastlemaxes.
Even if prices are more than 25% higher now than what they were eight months ago, modern ships are still relatively cheap. A good example is the “Billion Trader I”(82kdwt blt 07 Tsuneishi, Japan) and the “Billion Trader II” (82kdwt blt 07 Tsuneishi, Japan), two sister ships reported sold eight months apart. The “Billion Trader I” was sold USD 9.5 million in June 2016 and the “Billion Trader II” was sold in February 2017, 3 million more. Still USD 12,5 million for a 10-year old Japanese Kamsarmax is a lot cheaper compared to the USD 21,5 million the ex- “Million Trader II” (76kdwt blt 04 Tsuneishi, Japan )was sold at three years ago in February 2014.
Yes, the freight market today provides much more confidence compared to last year, but the reason Principals are going after tonnage with such a huge appetite is because they are seeing the bigger picture, which is not ugly anymore. The signs that we are heading towards a healthier dry bulk market are clearly visible and improving fundamentals are in place. Actually they have been in place for some time now and we had been discussing them in the past but the rock- bottom hire rates of late-2015 and early-2016 made it impossible for most to take notice.
Now the diminishing order-book, the implementation of regulations and a steady demand for transportation of cargo provide the necessary confidence for buyers to invest. On top of these factors we have to add the scarcity of finance for NB orders. In the recent past a number of banks that were known for providing shipping finance have either reduced their portfolio or exited the industry all together. The financial institutions that took over these portfolios are very cautious and seem to have learnt by the past mistakes of their peers. So far they are demonstrating a selective resistance in backing new orders for bulk carriers.
Of course the way the second-hand market is heading, we won’t be surprised if sooner rather than later NB slots will make more sense than ships in the water. But the problem will not be the controlled and strategic orders from established owners with years of experience in shipping. The key (or the challenge) will be to avoid big orders similar to those witnessed five years ago. If the ordering stays in check for the next four years then we are certainly heading towards better days.
The skeptics keep saying that moving on speculation is not wise but the truth is that this time buyers are taking educated risks backed by facts and not plain “gut” feeling or speculative decisions.
So the fuss is not about having to invest now because the market is booming and returns are exceptional. The fuss is that for the first time since 2008 things are promising and that numbers back that promise. Again you don't have to invest, but why wouldn't you? The next question is; how long this window will remain open? That is yet to be seen. Grain season is on its way and freight rates should rise, which logically will also result in even higher asset prices. We have to see how the market will react and if Buyers will take a step back or continue to pursuit opportunities in the second-hand market.
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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Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- The University of Queensland
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
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