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Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
 The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the dry bulk market. The period starting from January and extends up until the end of the Chinese New Year celebrations is traditionally a quiet one for bulkers. Let us not forget that during February 2016 the BDI marked its record low, while the lowest level for the index in 2017 was also recorded during the month of February.
Despite the fact that we are now approaching 2018’s Lunar New Year and the effects of the traditional slowdown are already visible, the BDI remains – at least for now – in excess of 1,100 points, signaling a rather positive period March onwards if the pattern of previous years repeats itself that is.
Taking a closer look to some SnP transactions that took place during the past couple of years, it is logical to see the BDI’s improvement reflected on asset prices as well. In the second-hand market for 28kdwt Japanese Handysize Bulkers the following sales are rather representative of this improvement. The “ex-DORIS” (28,352dwt-blt ‘08, Japan) was sold to Greeks buyers for $6.3m back in March 2016 and shortly after the BDI’s all-time low. Ten months later, in January 2017, the “ex-OCEAN BELLE” (28,418dwt-blt ‘09, Japan) was sold to Greeks buyers for $7.2m, which translates to a 14.3% increase. If someone would try to value an eight-year old 28kdwt Japanese Handysize bulker today, the figure would be something in excess of $ 9.0m, which represents an increase of over 40% in two years’ time.
The differentiation in eight-year old 56kdwt Japanese Supramaxes is even more impressive. The “ex-ASTON TRADER II” (55,496dwt-blt ‘08, Japan) was sold for $6.8m during the first month of 2016, while the price for similar tonnage nowadays is quoted well in excess of $ 15.0m, with the “MAPLE ISLAND” (55,610dwt-blt ‘10, Japan) only recently reported sold for a price in the region $15.4m, a price more than double compared to two years ago.
As the day before yesterday marked the two-year anniversary from the all-time low of the dry bulk index back in 2016, one can say that it is more than evident that fundamentals have since improved significantly and that there are currently no signs of similar lows being revisited – at least not any time soon. As market participants are now more relaxed – and rightfully so – they focus less on the direction of the market during the following months (most predictions agree on a positive course for earnings after all) and more on the degree of this improvement and of course its duration.
As far as asset prices are concerned, we logically expect these to keep improving for as long as the freight market remains positive and even doing so disproportionally to rates in some cases, as enthusiasm always tends to fuel a lot of excitement in the SnP market.
Despite the fact that 2016 already feels much far in the past given today’s earnings and asset price levels, it is definitely a year that should always remind us of the negative potential of both rates and values. As such, it should reinforce the self-preservation instinct of owners for times when the market improves even further, with such development always shaping key market drivers like increased newbuilding ordering and restricted scrapping – these two having a severe impact on both the scale of a recovery and its duration.
By Nassos Soulakis
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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Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
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Showing 1806 to 1810 news of total 6871 |
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- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
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