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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, 21 September 15
KOMIPO OF KOREA INVITES BIDS FOR BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 390,000 Metric Tons (MT) of minimum 4,600 kcal ...
Sunday, 20 September 15
BALTIC CAPE INDEX ROSE 66.52 PER CENT AND STAND NOW AT 1995 POINTS
COALspot.com: The BDI (Baltic Dry Index) rose 17.35 per cent week over week to 960 points on Friday mainly driven by the Capesize segment. The Cape ...
Friday, 18 September 15
SHIPPING AND THE FED RATE DECISION: FINANCING COSTS COULD RISE EVEN HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Regardless of the FED’s decision to raise rates, shipping stands to be influenced by the decision. Shipbroker Allied Shipbroking noted this w ...
Friday, 18 September 15
U.S. COAL PRODUCTION DECLINED 6.7 PER CENT W-W: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.4 million shor ...
Thursday, 17 September 15
COALSPOT HAS LAUNCHED NEW THERMAL COAL INDICES FOR INDONESIAN COAL
COALspot.com has today launched real-time CS (i) Coal Indices.
The Indices represents 3800 kcal/kg GAR, 4200 kcal/kg GAR, 5000 kcal/kg GAR a ...
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- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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