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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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Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
Friday, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
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- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
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