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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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Tuesday, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
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Showing 1796 to 1800 news of total 6871 |
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- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
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