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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, 06 July 15
KOREA MIDLAND POWER COMPANY LIMITED ISSUED A TENDER FOR 250K MT BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 250K Metric Tons (MT) of 5300 kcal/kg NAR coal ...
Monday, 06 July 15
COAL TRADING & RISK MANAGEMENT TRAINING COURSE
Are you ready to invest in yourself and take your trading and risk management strategy to the next level? The Coal Trading & Risk Management Tr ...
Monday, 06 July 15
CFR SOUTH CHINA COAL SWAP; DECLINED D-O-D,W-O-W AND M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.53 (1.01%) per MT month over month.
A commodity swap ...
Sunday, 05 July 15
THE BALTIC DRY INDEX WAS DOWN 18%; PANAMAX UP 9%
COALspot.com: The freight market was soft during this week. However indices closed slightly firmer end of the week on 3rd July.
The BDI was do ...
Friday, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
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- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
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