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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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Tuesday, 21 July 15
CHINA'S ENERGY COMMODITY IMPORTS DIVERGING - RICHARD SCOTT | HELLENIC SHIPPING NEWS
Energy commodity imports into China have grown enormously over the past decade, boosting global demand for shipping capacity. But a dramatic change ...
Tuesday, 21 July 15
FOB INDONESIA COAL SWAPS EXTEND LOSS
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week. The swaps was lost 0.70%.
...
Tuesday, 21 July 15
Q4'15 FOB RBCT COAL SWAP DECLINES NEARLY 3.13 PER CENT MONTH OVER MONTH
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Monday, 20 July 15
FOB NEWCASTLE COAL SWAP SEE FURTHER DECLINES
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.32 per MT (-2.89%) month over month to US$ 44.43 per mt. The swap ...
Monday, 20 July 15
CFR SOUTH CHINA COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.18 (2.27%) per MT month over month.
A commodity swap ...
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Showing 2911 to 2915 news of total 6871 |
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- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Economic Council, Georgia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Parliament of New Zealand
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- The Treasury - Australian Government
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