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Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
 Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually expected to lead to improved asset prices as well. The sentiment on the tanker side is evidently less positive, with buyers taking a step back until a good asset play opportunity arises in view of an admittedly suppressed market.
Activity in the dry bulk sector has been overall firm despite the scarcity of available modern candidates in the market. The lack of sale candidates and the increasing freight market has already pushed values higher in some cases and as we are going into the grain season out of South America this is expected to continue.
Chinese buyers are back in buying mode – more conservative this time though - and are selectively bidding for early ‘00s built tonnage for import purposes. As buyers have a number of options to choose from and as values have recently remained flat in these ages, sales activity remains stable.
Nevertheless, buyers’ appetite remains strong thus this may be a good timing for new acquisitions in view of improving market levels. Comparatively, newbuilding activity has been steady but has not reached excessive volumes, possibly on the back of the uncertainty of the Tier III regulations that has made yards hesitant to commit new designs.
With regards to demolition, as a result of the ‘healthy’ freight rates and despite the current strong demo prices, owners are reluctant to scrap their ships and we have even recently noted increased interest from buyers in pre-2000 built vessels, mainly for Handysize up to Panamax bulkers with a number of transactions being concluded.
On the other hand, in the tanker sector activity remains flat but with some signs of improvement in view of current low values. The products sector has been more active recently with a couple of reported transactions at firming levels and with buyers mostly focusing on vessels built in the last 5-10 years. Period rates in the sector have also been relatively stable, providing some security to owners.
This has not been the case for crude carriers where the extensive pressure the spot market has been witnessing throughout the bigger part of the winter season is now also manifesting on period numbers. Indeed the crude carriers sector is relatively quiet but this may change in the foreseeable future as we are seeing some demolition activity – particularly in the VLCC sector for post ‘00s built units – in recent weeks.
As second hand values appear to have bottomed out – at least for now - and with most owners still reluctant to sell at current price levels, any ‘realistic’ market candidate attracts the interest of a number of buyers looking for a good asset play move. The lack of modern tonnage has resulted in a shift of buying interest towards vessels of around 15 year old of age, the values of which are now substantially closer to the LDT of the respective ships and any slight uptick in freight rates could prove profitable.
By Vasilis Moiris
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, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
Tuesday, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit ...
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- Riau Bara Harum - Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- MS Steel International - UAE
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Economic Council, Georgia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
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