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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, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
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Showing 1806 to 1810 news of total 6871 |
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- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- White Energy Company Limited
- Star Paper Mills Limited - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
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