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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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Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
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- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Planning Commission, India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
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