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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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Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
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Showing 1801 to 1805 news of total 6871 |
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- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- The University of Queensland
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
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