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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, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
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 ...
Monday, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
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