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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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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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- Petron Corporation, Philippines
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Australian Coal Association
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
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