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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 freight market at the moment, stagnation is the one that pretty much sums it up.
It seems that at this point of time the dry bulk market has found some sort of balance around OPEX levels for all segments, but even in these cases where a small profit margin is achieved, this is usually too insignificant to allow owners to meet the additional obligations arising from the financing cost that burdens most vessels.
The question that naturally arises is what will be this decisive event that will create the momentum to help drag the market outs if this current stagnation and what sorts of levels can it push the market to.
Irrespective of where the market is, the last two quarters of the year are typically stronger due to the boost of trade volumes of a number of dry cargo commodities at this time of the year. This means that we could well see the index nearing 700 points before the end of the year. Saying that, last year comes as a reminder that history doesn't always repeat itself. While bold predictions were made for the end of 2015, the market not only didn’t move upwards but it actually marked historical , up to that point, lows in many cases, which brings us to the negative scenario for this year end.
The prolonged uncertainty caused by long-term stagnation with minimum profits even for vessels without any CAPEX, has been certainly affecting psychology. Even though there has certainly been an improvement when compared to the first quarter of the year, when lay-up talk had heated up, the fact that a ceiling seems to have been reached for now is definitely removing sentiment support to a degree.
The third scenario is for the index to keep moving around the same levels for an even longer period of time, with the opposing market forces cancelling each other out, allowing the BDI to achieve only minimal adjusting movements around current levels.
Depending on which scenario market players believe in most, a different view is being shaped in regards to second-hand market strategy. From the one side the most optimistic players, taking advantage of the very attractive prices that are still close to all-time historical lows, move aggressively, inspecting vessels and choosing their investments strategically. A very distinctive example of players who seem to trust the market’s dynamics, taking a position in favor of an upcoming improvement are names like these of Oldendorff, Laskaridis and Marmaras who have recently acquired larger tonnage vessels. The same tendency can be found in vessels of smaller tonnage as modern Handy’s attract firm interest from perspective buyers. On the other side, many owners choose the opposite strategy selling their vessels or making them available for sale.
It is indisputable that 2016 has so far proven to be a great window for shopping in all dry bulk sizes. The key question is how long this window will remain open for. Even if the BDI further advances during the upcoming months, it is hard to believe that asset values will increase to last year's levels anytime soon, which in turn probably offers additional time to prospective buyers to carefully monitor available market candidates and even adjust their buying strategy.
By Nassos Soulakis
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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Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
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- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
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