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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- PTC India Limited - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
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