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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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Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
...
Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
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- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Planning Commission, India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Australian Coal Association
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- The University of Queensland
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
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