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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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Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
Thursday, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Parliament of New Zealand
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
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