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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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Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
Tuesday, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
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- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Australian Coal Association
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
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