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