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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, 06 February 18
THE FUNDAMENTALS FOR INDIAN COAL IMPORTS CONTINUE TO LOOK PROMISING - TORVALD KLAVENESS
Back in August we reported that the fundamentals impacting Indian coal imports looked more promising.
Trade flow data today implies 17.4Mt of ...
Monday, 05 February 18
SUPRAMAX : INDONESIA TO INDIA PASSING THROUGH SINGAPORE HAS SOFTENED
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has softened, week over week, own ...
Friday, 02 February 18
SUPRAMAX : INDONESIA TO CHINA COAL TRIPS ARE PAYING AROUND MID USD 9000 - FEARNLEYS
Supramax
Rather quiet week within Atl, specially Continent due to lack of cargoes.
According to Fearnleys Weekly - Dry bulk report published ...
Friday, 02 February 18
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 54.1 MMST, DOWN 8.8% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
Thursday, 01 February 18
RISING US OIL EXPORTS, MARKET DISRUPTION, BRENT-WTI SPREAD - WOOD MACKENZIE
What will US tight oil growth do to crude markets? The build-up in volumes early this decade led to a supply glut that undermined prices in 2014.
...
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Showing 1816 to 1820 news of total 6871 |
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- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
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