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Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
 So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looking to get their hands on any size within a big range of modern tonnage varying from small Handies to Newcastlemaxes.
Even if prices are more than 25% higher now than what they were eight months ago, modern ships are still relatively cheap. A good example is the “Billion Trader I”(82kdwt blt 07 Tsuneishi, Japan) and the “Billion Trader II” (82kdwt blt 07 Tsuneishi, Japan), two sister ships reported sold eight months apart. The “Billion Trader I” was sold USD 9.5 million in June 2016 and the “Billion Trader II” was sold in February 2017, 3 million more. Still USD 12,5 million for a 10-year old Japanese Kamsarmax is a lot cheaper compared to the USD 21,5 million the ex- “Million Trader II” (76kdwt blt 04 Tsuneishi, Japan )was sold at three years ago in February 2014.
Yes, the freight market today provides much more confidence compared to last year, but the reason Principals are going after tonnage with such a huge appetite is because they are seeing the bigger picture, which is not ugly anymore. The signs that we are heading towards a healthier dry bulk market are clearly visible and improving fundamentals are in place. Actually they have been in place for some time now and we had been discussing them in the past but the rock- bottom hire rates of late-2015 and early-2016 made it impossible for most to take notice.
Now the diminishing order-book, the implementation of regulations and a steady demand for transportation of cargo provide the necessary confidence for buyers to invest. On top of these factors we have to add the scarcity of finance for NB orders. In the recent past a number of banks that were known for providing shipping finance have either reduced their portfolio or exited the industry all together. The financial institutions that took over these portfolios are very cautious and seem to have learnt by the past mistakes of their peers. So far they are demonstrating a selective resistance in backing new orders for bulk carriers.
Of course the way the second-hand market is heading, we won’t be surprised if sooner rather than later NB slots will make more sense than ships in the water. But the problem will not be the controlled and strategic orders from established owners with years of experience in shipping. The key (or the challenge) will be to avoid big orders similar to those witnessed five years ago. If the ordering stays in check for the next four years then we are certainly heading towards better days.
The skeptics keep saying that moving on speculation is not wise but the truth is that this time buyers are taking educated risks backed by facts and not plain “gut” feeling or speculative decisions.
So the fuss is not about having to invest now because the market is booming and returns are exceptional. The fuss is that for the first time since 2008 things are promising and that numbers back that promise. Again you don't have to invest, but why wouldn't you? The next question is; how long this window will remain open? That is yet to be seen. Grain season is on its way and freight rates should rise, which logically will also result in even higher asset prices. We have to see how the market will react and if Buyers will take a step back or continue to pursuit opportunities in the second-hand market.
By Timos Papadimitriou
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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Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
Monday, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
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- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- The University of Queensland
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
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