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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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Sunday, 06 September 15
AUTOMATION AND TECHNOLOGY IS CERTAINLY PART OF THE SOLUTION FOR IMPROVING PERFORMANCE AND EFFICIENCY TO MAKE THE MINE OPERATIONS MORE PROFITABLE, HOWEVER............ - LUKE JALSEVAC
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Luke Jalsevac, Director, Busines ...
Sunday, 06 September 15
THE CAPE SIZE INDEX ROSE 10.83 PER CENT WEEK OVER WEEK
COALspot.com: The BDI, the Baltic exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined o ...
Saturday, 05 September 15
DRY BULK MARKET MAY SUFFER NOW, BUT IS BOUND FOR A RECOVERY THANKS TO A LIMITED FUTURE FLEET GROWTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The slow increase of dry bulk tonnage growth this year could turn into a solid indicator of the market’s future prospects. According to a rec ...
Friday, 04 September 15
U.S. COAL PRODUCTION FOR THE W/E AUGUST 29, UP SLIGHTLY; FALL 4.5 PERCENT Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.7 million shor ...
Friday, 04 September 15
GOVERNORS WILL HAVE THE POWER TO REVOKE MINERS' PERMITS: ENERGY MINISTRY - JG
Starting Oct. 1, Indonesia's governors will lawfully become "executors" in revoking the licenses of miners that fail to secure a &quo ...
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- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
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