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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, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
Monday, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
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- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
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