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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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Friday, 09 February 18
COAL BUYERS SPOOKED BY INDONESIA'S NEW SHIPPING RULES - ASSOC
Buyers of Indonesian coal are holding back orders of the fuel after the government issued new shipping rules for coal and crude palm oil that would ...
Thursday, 08 February 18
ENHANCED PRODUCTION BY COAL INDIA LIMITED HELPS DECLINE IN COAL IMPORTS - UNION MINISTER OF RAILWAYS AND COAL
According to press release from PIB, as per the current import policy, coal is kept under Open General License (OGL) and consumers are free to impo ...
Thursday, 08 February 18
A NEW WEEK WITH A SOFT SENTIMENT AND DECREASING RATES IN BOTH HEMISPHERE FOR THE PANAMAXES, SAYS FEARNLEYS
Supramax
USG dropping remarkably due to lack of fresh enquiry both for fhaul and bhaul, Supras were fixed from USG to Spore-Japan range now aroun ...
Wednesday, 07 February 18
INDONESIAN COAL PRICE REFERENCE RISES TO HIT THIRTEEN-MONTH HIGH OF $100.69 A TON
COALspot.com: The Indonesian Coal Price Reference (HBA) rose 5.39 per cent in February 2018, the latest ministerial decree showed.
The benchma ...
Wednesday, 07 February 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
Crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m bpd in 2017. However, tanker charter rates have been under pressure ...
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Showing 1811 to 1815 news of total 6871 |
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- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- The University of Queensland
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
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