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Thursday, 10 September 15
IF NOT NOW, WHEN? - GIANNIS ANDRITSOPOULOS
 Our industry is well known to be cyclical with some cycles lasting longer than others. Despite the fact that these shifts in the behavior of the freight market are hardly a surprise anymore, the bottom of each cycle will always find some market participants better prepared than others, having made provisions for the difficult days that follow a period of healthy rates.
The fall in rates naturally succeeds a good period in the market that is characterized by increased freight rates and high asset values. When this fall is combined with low demolition activity and overwhelming deliveries, oversupply of tonnage is the natural consequence. Many owners believe that the bottom of each cycle offers the market a chance to find its balance, while at the same time it also presents buying opportunities that owners can capitalize on once the rebound in rates finally comes.
If we focus on what has been happening during the last three quarters of the year and how the freight market has moved from very low to healthier levels, it is evident that despite the fact that demand cannot be predicted and safely placed into the trade equation, increased demolition and decelerating order books are definitely pushing towards the right direction.
Looking at the year to date period, an interesting point is that buying interest expressed by some owners that usually focus their activity on wet tonnage, has now oriented towards second hand Dry Bulk vessels. The attractive secondhand values over at the Dry Bulk market seem to have convinced non-traditional Dry Bulk owners to invest in the sector, with modern units that are currently priced well below the respective new building assets, luring most of the market interest.
In the first quarter of the year we only saw a small number of second-hand transactions concluding when compared to the number of inspections performed, while as we headed towards the second quarter, the number of buyers in the second hand dry bulk market increased impressively despite the fact that the BDI had hardly moved.
Having as a starting point the sale of the “PRABHU MOHINI” (82,000dwt, ‘11 blt 2011, S. Korea) at low $17.0m back in the beginning of April up to the sale of the “PINCHAT (81,290dwt, ‘12 blt, S. Korea) at $21.5m a couple of weeks ago, we see a gradual improvement in asset values that has not been affected by the ups and downs of the BDI during the second half of the summer season.
Is therefore now the time for an owner who is determined and can support the acquisition of a vessel for a few years to invest in the second-hand market? With the last done for a Japanese Supramax blt ‘08 at $10.8m and the last done for a Japanese Handysize blt ‘11 at $10.0m, the argument for acquisitions is definitely strong.
Predicting the bottom or the top of the cycle is fairly impossible. Back in 2005 owners who acquired second-hand tonnage had to watch rates fall for more than a year most probably thinking; ”Game Over”. Yet a bit later on and for the next two years, their uncertainty was replaced by the feeling of absolute success and the rest is history. We are not suggesting that asset values could over-perform in the same way they did back then..but saying this, is anyone convinced that there is no significant upside to current levels?
By Giannis Andritsopoulos
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 05 January 16
THE SHIPPING MARKET IN 2015 AND LOOKING FORWARD - BIMCO
Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economi ...
Tuesday, 05 January 16
4200 GAR COAL INDEX FALL TOWARD $27;SLIPPED 28.05% YEAR-TO-DATE
COALspot.com: Average 5000 GAR coal index has not moved in the past week, averaging $40.12 per ton on last Thursday, according to CS (i) Coal Index ...
Monday, 04 January 16
CFR SOUTH CHINA COAL SWAP REMAIN FLAT OVER CHRISTMAS & NEW YEAR HOLIDAYS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Friday, 01 January 16
FOB INDONESIA COAL SWAP FOR Q1'16 DELIVERY CLOSED AT $36.75 PER TON
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month but flat week over week.
According to AsiaClear OTC coal swap' ...
Thursday, 31 December 15
COAL PRICES FELL ON WEAK DEMAND
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 ...
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- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- The University of Queensland
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
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