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Wednesday, 25 May 16
DRY BULK SNP MARKET DISPLAYS SIGNS OF STRENGTH - GEORGE ILIOPOULOS
 Only a couple of weeks away from the world’s most prominent maritime event, the market for tankers displays an evident lack of confidence in regards to future prospects, hence buying interest remains particularly reserved. The number of inspections that takes place at the moment is fairly limited, while comparing recent sales of VLCC tonnage to similar sales that took place towards the end of last year, we see that prices are roughly 15% down. With the exception of a few specific deals involving VLCC and Suezmax tonnage, buying interest over in the tanker sector mostly focuses on MR vessels, particularly those units controlled by financiers, while except from the lack of confidence, another major issue that weighs down on SnP activity is the big gap between price levels offered by Buyers and those that are accepted by the Sellers.
Moving on to the demolition market, prices here are also pointing down. At the same time, demo buyers are also becoming more and more reserved in their bids, while despite the fact that prices offered at the moment are without a doubt improved compared to the $220/ldt levels that the market witnessed back in February, we believe that the stability can only be achieved after budget announcements, scheduled in June, take place.
At the same time, the dry bulk SnP market displays signs of strength, with buying interest focusing mainly on Supramax and Kamsarmax tonnage built during the last decade. A representative example of this recent momentum in the market is the M/V UNITED TREASURE (82kdwt blt 06 Japan), which was inspected by more or less fifteen (!) buyers. The healthier freight market, combined with improved psychology and of course the aforementioned firming appetite by Buyers, have provided support to asset prices for vessels close to 10 years of age. We calculate this increase in the region of 15%-20% compared to price ideas for similar vessels back in the beginning of the spring season.
Similarly, buyers are also looking with increased interest tonnage built around the end of the 90’s up to the early 00’s, something that we hadn’t seen in a while as the majority of sales was mainly focusing on modern tonnage up until recently. It is mainly ships of 40,000dwt and above that are enjoying this renewed interest for older tonnage and as a result the values of these vessels have also firmed despite the fact that scrap prices offered today are $20/ldt lower than what they were a few weeks ago.
To put things in perspective, a 2000 built Handymax with SS/DD passed was sold at around USD2.9m sometime in the beginning of March and a similar ship today could easily fetch USD3.5m or more, which translates to a 21% increase. Another positive sign that comes to reinforce this reserved optimism of late is that during the past few months the number of ships sold for scrap has been particularly firm while at the same time newbuilding activity remains almost non-existent. Despite the fact that earnings have still a long way to go before reaching levels at which owners can feel less challenged, the reality is that all the developments above are displaying clearly that the market is moving towards more balanced fundamentals as the size of the size fleet is slowly getting “under control”. Given of course that global growth and consequently trade growth still face numerous challenges, it is imperative that we see more scrapping activity for longer before things balance out.
Let’s hope that the reserved optimism in the dry bulk market is not exaggerated and that the market manages to move to healthier and more viable levels sooner rather than later.
By George Iliopoulos
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
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- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
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