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