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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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Thursday, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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 ...
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- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- The Treasury - Australian Government
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- The University of Queensland
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
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