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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, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
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- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- The University of Queensland
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
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