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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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Friday, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
Wednesday, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
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- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Australian Coal Association
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
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