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Wednesday, 19 October 16
THE SHIPPING MARKET IS IN A WAIT AND SEE MODE - INTERMODAL
 We are now heading towards the end of a rather volatile 2016 for the dry bulk segment. During the last 10 months there were never any clear indications that hire rates would stabilize at viable levels, but after Q1 asset values rose. Now the shipping market is in a wait and see mode, still very uncertain in regards to whether this recent small spike will prove sustainable or not and of course how will it affect asset values going forward.
It's not that investors wish the market to get worse; it’s just that right now, prices do not reflect the absence of a substantial recovery in the freight market. In other words they don't really make sense, at least to most people.
Q1 was clearly the bottom as far as values are concerned, but that lead to increased demand for modern tonnage, a trend that eventually boosted prices all the way throughout the beginning of Q4. Ship owners simply did what they do best. They invested in a low market.
During the first 3 quarters of the year, Handysize and Supramax vessels were the crowd favorites with the total number of transactions reaching 109 and 95 respectively, while Capes were trailing third with 75 deals. All in all at the end of September, a total of 465 transactions of bulk carriers were reported as being concluded.
As the buyer pool now seems to be getting smaller, we can help but wonder how SnP activity will be affected during the weeks leading to the end of the year. It seems that the shipping industry is mostly focusing on what 2017 will bring and there many people out there quite optimistic. The reason for this rare burst of optimism is based on a number of factors.
Starting with the newbuilding contracting so far we are counting only 47 contracts, with 30 of those vessels being the Valemaxes ordered by Chinese interests. We were at a 9-year low up until September. Additionally we have the Water Ballast Treatment regulations coming into effect as of next year, which will most definitely have an impact on the fleet and eventually freight rates. Owners will have to decide if they will speed up the Special Survey, prepare to install WBT or scrap the respective vessels.
Speaking about scrapping, 2015 and the first half of 2016 where very active followed by a slower H2. Now, if in addition to the new WBT regulation no further substantial recovery is witnessed in the freight market during H1 2017, demolition activity will normally remain robust throughout the summer months of 2017 and prior to the deadline of the implementation in early September. Given that there are approximately 57 million dwt (856 vessels) that are older than 20 years this does not seem too farfetched.
So from one hand there are no clear signs that the charter market will pick up, but there are factors that could or should limit the supply of tonnage. Well yes, in this assumption there is a lot of wishfully thinking, but bear with me for a second. All of the above is a combination of facts and speculation but they could eventually put a dent in the size of the fleet. In a way, it seems that 2017 is probably the first year that there are a few reasons to believe that the fleet will start to stabilize. Given the fact that that Owners and shipping in general have demonstrated remarkable resilience in this market it is not that illogical to hope or even believe that the next year could end up better even than expected.
By Timos Papadimitriou
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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Thursday, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
Wednesday, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this t ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
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