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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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Tuesday, 24 May 16
WEEKLY CS COAL INDICES NEGATIVE FOR ALL TYPES OF COAL EXCEPT 3800 GAR COAL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was down 0.10 percent week over week to averaging $38.90 per ton this past week, sho ...
Monday, 23 May 16
A PERFECT STORM FOR INDONESIAN STEAM COAL EXPORTS - CLARKSON RESEARCH
Indonesia is the world’s leading steam coal exporter, accounting for over 40% of global seaborne steam coal exports since 2010. However in 20 ...
Monday, 23 May 16
THE PANAMAX INDEX WAS UP 17 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this week.
The freight market was firm and all ...
Friday, 20 May 16
SHIPBUILDING CONTRACTS: CAN I CANCEL? SHOULD I CANCEL? - THE SHIPOWNER CLUB
KNOWLEDGE TO ELEVATE
There are many circumstances in which a buyer of a new-build vessel might want to terminate or cancel their contract with ...
Friday, 20 May 16
U.S COAL PRODUCTION FOR THE WEEK ENDED 14 MAY TOTALED 11.4 MMST; UP 3.8% W/W
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.4 million short tons (mm ...
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- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Economic Council, Georgia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Australian Coal Association
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
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