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Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
 The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the dry bulk market. The period starting from January and extends up until the end of the Chinese New Year celebrations is traditionally a quiet one for bulkers. Let us not forget that during February 2016 the BDI marked its record low, while the lowest level for the index in 2017 was also recorded during the month of February.
Despite the fact that we are now approaching 2018’s Lunar New Year and the effects of the traditional slowdown are already visible, the BDI remains – at least for now – in excess of 1,100 points, signaling a rather positive period March onwards if the pattern of previous years repeats itself that is.
Taking a closer look to some SnP transactions that took place during the past couple of years, it is logical to see the BDI’s improvement reflected on asset prices as well. In the second-hand market for 28kdwt Japanese Handysize Bulkers the following sales are rather representative of this improvement. The “ex-DORIS” (28,352dwt-blt ‘08, Japan) was sold to Greeks buyers for $6.3m back in March 2016 and shortly after the BDI’s all-time low. Ten months later, in January 2017, the “ex-OCEAN BELLE” (28,418dwt-blt ‘09, Japan) was sold to Greeks buyers for $7.2m, which translates to a 14.3% increase. If someone would try to value an eight-year old 28kdwt Japanese Handysize bulker today, the figure would be something in excess of $ 9.0m, which represents an increase of over 40% in two years’ time.
The differentiation in eight-year old 56kdwt Japanese Supramaxes is even more impressive. The “ex-ASTON TRADER II” (55,496dwt-blt ‘08, Japan) was sold for $6.8m during the first month of 2016, while the price for similar tonnage nowadays is quoted well in excess of $ 15.0m, with the “MAPLE ISLAND” (55,610dwt-blt ‘10, Japan) only recently reported sold for a price in the region $15.4m, a price more than double compared to two years ago.
As the day before yesterday marked the two-year anniversary from the all-time low of the dry bulk index back in 2016, one can say that it is more than evident that fundamentals have since improved significantly and that there are currently no signs of similar lows being revisited – at least not any time soon. As market participants are now more relaxed – and rightfully so – they focus less on the direction of the market during the following months (most predictions agree on a positive course for earnings after all) and more on the degree of this improvement and of course its duration.
As far as asset prices are concerned, we logically expect these to keep improving for as long as the freight market remains positive and even doing so disproportionally to rates in some cases, as enthusiasm always tends to fuel a lot of excitement in the SnP market.
Despite the fact that 2016 already feels much far in the past given today’s earnings and asset price levels, it is definitely a year that should always remind us of the negative potential of both rates and values. As such, it should reinforce the self-preservation instinct of owners for times when the market improves even further, with such development always shaping key market drivers like increased newbuilding ordering and restricted scrapping – these two having a severe impact on both the scale of a recovery and its duration.
By Nassos Soulakis
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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Thursday, 08 March 18
AVERAGE U.S. COAL MINING PRODUCTIVITY INCREASES AS PRODUCTION FALLS - EIA
Coal mining productivity in the United States increased 26% over the past five years, reaching 6.8 tons per miner hour in 2017, up from 5.4 tons pe ...
Wednesday, 07 March 18
WHEN AN IRRESISTIBLE FORCE MEETS AN IMMOVABLE OBJECT - GARD
KNOWLEDGE TO ELEVATE
Negotiable bills of lading are fundamental to trade. As documents of title, they are essential to the sale and carriage o ...
Wednesday, 07 March 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The comparably small upside Handysize asset values have noted compared to other sizes since the historical lows of the dry bulk market in combinati ...
Tuesday, 06 March 18
FOREIGN INVESTORS ALLOWED TO BID FOR BIG MINING CONCESSIONS - THE JAKARTA POST
The government has allowed foreign investors to bid for mining concessions with a total area of more than 500 hectares, while smaller areas will be ...
Tuesday, 06 March 18
LNG VESSELS HAVE EMERGED AS THE FASTEST GROWING SEGMENT FOR THE WATERWAY - GERRY LATHROP
The day was July 25th 2016, a partly cloudy day on the Panama canal, and to most people a rather innocuous day without any real merit, however in s ...
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Showing 1786 to 1790 news of total 6871 |
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- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
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