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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.
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Sunday, 19 July 15
BDI GAINED AND CROSSED 1000 MARK THIS WEEK
COALspot.com: The BDI gained and crossed 1000 mark after many months this Friday. The BDI was up almost 20 pct and closed 1048 points on 17 July 20 ...
Saturday, 18 July 15
INTERVIEW : FRANZ ESCALANTE, CHIEF OF INFORMATION SYSTEMS, MINERA CHINALCO, PERU
We are interested in the technology of Autonomous trucks, the new-generation trucks are not remote controlled, they are truly autonomous - Franz Es ...
Friday, 17 July 15
COAL PRODUCTION IN THE U.S. INCREASES SHARPLY FOR THE WEEK ENDING JULY 11
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.4 million short ...
Friday, 17 July 15
INDONESIAN POWER-STATION COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
Friday, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
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- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
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