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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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Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
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- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- MS Steel International - UAE
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
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