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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, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
Friday, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
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- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
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