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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, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
Friday, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
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- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
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