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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, 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 ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- The University of Queensland
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- PTC India Limited - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
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