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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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Monday, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Australian Coal Association
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
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