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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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Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Planning Commission, India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- PTC India Limited - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
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