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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, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Planning Commission, India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
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