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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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Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
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- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- ASAPP Information Group - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- The University of Queensland
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
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