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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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Wednesday, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Planning Commission, India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Economic Council, Georgia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
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