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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 $10.0m, the argument for acquisitions is definitely strong.
Predicting the bottom or the top of the cycle is fairly impossible. Back in 2005 owners who acquired second-hand tonnage had to watch rates fall for more than a year most probably thinking; ”Game Over”. Yet a bit later on and for the next two years, their uncertainty was replaced by the feeling of absolute success and the rest is history. We are not suggesting that asset values could over-perform in the same way they did back then..but saying this, is anyone convinced that there is no significant upside to current levels?
By Giannis Andritsopoulos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 14 December 15
CFR SOUTH CHINA COAL SWAP IS STILL SLIDING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 0.93(2.18%) per ton month over month.
A commodity swap ...
Sunday, 13 December 15
THE LOW VESSEL DEMANDS PUSHED DOWN BALTIC DRY INDEX FURTHER DOWN
COALspot.com: The low vessel demand across nearly all vessel sizes pushed the Baltic Exchange’s main sea freight index further down in this F ...
Sunday, 13 December 15
DRY BULK RATES KEEP ON FALLING AS LOW VESSEL DEMAND IS STILL THE NORM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market nowadays is in an endless downward spiral, which as it turns out is unable to recover, at least as long as the current balance ...
Friday, 11 December 15
US COAL PRODUCTION UP 7.7% IN WEEK ENDED DECEMBER 5, 2015
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 10 December 15
LIENING CARGO - WHICH LIEN CLAUSE APPLIES TO THE BILL OF LADING? : WIKBORG REIN | HELLENIC SHIPPING NEWS
KNOWLEDGE TO ELEVATE
In a dry bulk market where a charterer is not paying freight or hire, its counterparty is often left to consider whether ...
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- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
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