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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, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this t ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Monday, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
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- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- The University of Queensland
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
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