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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, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
Friday, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
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- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
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