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Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
 Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic basin rates, with a number of owners benefitting from that incident that resulted in firmer rates. However after the restoration of the damage, rates started to soften and steadily returned to before spike levels.
As far as the tanker SnP market is concerned though spikes and mini-booms have yet to be witnessed, as existing asset values have reinforced uncertainty among those who are contemplating to sell as well as perspective Buyers looking invest in preferably lower prices than those quoted at the moment. Hence, Buyers of in sizes and types are limited at the moment, moving mostly speculatively, and Sellers keep testing the SnP market to better assess the value of their respective vessels and eventually sell on a private basis, while newbuilding activity has seen a small increase lately as well.
On the other hand, dry bulk newbuilding activity remains almost non-existent, which is certainly not bad for the market that has been long suffering from oversupply, a problem that could finally get under control sometime towards the end of next year, a time by which most of the order book is scheduled for delivery. This expectations together with the much healthier rates the dry bulk market is witnessing now compared to six months back, has boosted SnP activity in the sector despite the fact that current earnings might not be justifying present asset values.
The recent steadying of Capesize rates has lured investments by a number of owners least expected to trade this size. The volatility Capesize prices have been historically displayed has rewarded again during the last bottoming of prices those ready to assume the risk of such an investment. Indicatively, Stealth Gas bought 2 Capes in Q1 (built in 2006 and 2008 respectively) for a total price of USD 23.5m and sold them in Q3 for USD 29.0m.
Supramax vessels are also enjoying a 50% increase on average since the first quarter of the year on the back of strong buying interest from the Far East and the Indian sub-Continent. More specifically, 15-yr old Supramax are experiencing a biggest asset appreciation compared to 5-yr and 10-yr old candidates, while Panamaxes are witnessing a much more modest increase, calculated at around 15% for 10-yr old vessels and 25% for 5-yr old ones.
Potential Buyers have also been displaying a lot of interest lately for Handysize vessels and more specifically in 5-yr old Chinese tonnage, which is currently being offered at around USD 6.0m, while as far as Japanese tonnage is concerned, the group of owners interested in investing here is much smaller and rather specific.
We do believe this firm SnP activity in bulkers to resume at least until the end of the year and an even healthier freight market should reinforce this momentum. But irrespective if earnings manage to move much higher before the end of the year, the fact that dry bulk rates seem to be resisting to wild volatility for quite some time now has helped sentiment to shift a lot since the dark days of last spring and we all know what an important role sentiment and positive psychology play even in a exceptionally demand/supply fundamentals driven industry like shipping.
By Giannis Andritsopoulos
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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Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
Friday, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
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- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
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