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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, 31 January 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
Days before the celebrations of the Lunar New Year, the dry bulk market seems to be holding well, against negative predictions. Period numbers repo ...
Monday, 29 January 18
BALTIC INDEX GAINS ON STRONGER BIG VESSEL ACTIVITY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week and ending on a positive note week ov ...
Monday, 29 January 18
U.S.WEEKLY COAL OUTPUT UP 8.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.6 million short tons ...
Wednesday, 24 January 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Since the beginning of the New Year we have been witnessing the BDI correcting downwards, which nonetheless seems to have no effect at ...
Tuesday, 23 January 18
OIL MARKET ANALYSIS - ALLIED
Brent oil futures hit a three year high on January 16th touching around USD 70.30 before falling back down to around USD 68.60 at the Time of this ...
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Showing 1821 to 1825 news of total 6871 |
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- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Australian Coal Association
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
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