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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, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
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