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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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- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
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