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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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Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
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- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
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