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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
 Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that there are still many challenges, there is now also more hope that things are finally moving towards the right direction. On 11 February 2016, the BDI was at its historical lows, touching 290 points, while during that first quarter many vessels remained unfixed for long periods as in most cases below OPEX rates made no sense even for repositioning. Laying-ups naturally followed and extremely bad psychology led to extremely low asset prices, which even at historical low levels failed in many cases to ignite buying interest especially for vessels approaching 15 years of age.
As the market gradually started improving towards the end of the summer, sentiment also strengthened, helping the BDI climb above 1,000 points during the last quarter of the year. This improvement brought buying interest back, even from owners who had been inactive for years in the second-hand market. What is impressive though is the fact that even today, with the index standing at below 700 points, buying interest remains exceptionally strong despite the fact that prices remain firm – and in some cases even higher than what they were just before Christmas.
This definitely signals positive expectations for this year, which come on the back of improved forecasts for iron ore and coal demand in 2017, while the extended absence of newbuilding activity combined with high levels of scrapping last year are also reinforcing the positive momentum that is currently supporting second-hand prices. The percentage of slippage during 2016, which will be translated into delayed deliveries this year, is nonetheless important to watch out for in this rather optimistic environment.
So as the market now has more reasons to be optimistic compared to a year ago, potential buyers might look at this time as the time just before the window of opportunity to buy at fairly attractive levels closes. Consequently, interest, especially for modern tonnage has been high, with an impressive number of owners competing for such vessels. Most popular are modern Supramax and Kamsarmax vessels, with more than 10 owners inspecting each of these candidates, shaping in turn, a strong momentum in prices, with every deal being fixed at a premium over the last done.
Additionally, vessels built during the mid-late 90’s have also become popular compared to a year ago when almost no interest existed for such tonnage and when a big number of them was being sent for scrap. Indeed, we have been noticing during the past months that prices for Handymaxes and Panamaxes built at that time have inched up as buying interest particularly from Chinese and Middle Eastern buyers is firm. A representative example of this trend is the sale of two ’99 built Panamax bulkers last month at around $ 4.3 - 4.5m whereas during the same period last year a ’01 built Panamax was being sold at around $3.0m.
All in all, things have undeniably improved and we are now waiting to see whether the positive signs and the restrained optimism, successfully translate into a healthier market during the second half of this year.
By George Iliopoulos
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, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
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- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
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