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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 21 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Australian Coal Association
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
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