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