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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, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
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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- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
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