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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
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