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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, 28 September 15
CAPESIZE FLEET INCREASES BY JUST 1 VESSEL DURING LAST 12 MONTHS, IN POSITIVE SIGN FOR DRY BULK SHIPPING MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
After a rather tumultuous period, the shipping industry and more particular the dry bulk market has started to adjust to the new realities of globa ...
Monday, 28 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP ROSE 2.73 PER CENT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery moved upward US$ 1.45 (3.04 %) per ton month over month.
A commodity ...
Sunday, 27 September 15
THE PANAMAX INDEX FELL 1.19 PCT WEEK OVER WEEK
COALspot.com: The BDI closed Friday (25/09/2015) at 943 points, down by 17 points compared to previous Friday closing (18/09/2015). The BDI wa ...
Friday, 25 September 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING SEPTEMBER 19 ROSE 2.5% PER CENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Wednesday, 23 September 15
CAPESIZE: SPOT RATES HAVE INCREASED MORE THAN 70 PER CENT DURING LAST WEEK
Dry Bulk owners, always look at September as the time that the market “signals” what lies ahead for the remainder of the year. The Chin ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
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