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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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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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- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
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