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Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
 Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually expected to lead to improved asset prices as well. The sentiment on the tanker side is evidently less positive, with buyers taking a step back until a good asset play opportunity arises in view of an admittedly suppressed market.
Activity in the dry bulk sector has been overall firm despite the scarcity of available modern candidates in the market. The lack of sale candidates and the increasing freight market has already pushed values higher in some cases and as we are going into the grain season out of South America this is expected to continue.
Chinese buyers are back in buying mode – more conservative this time though - and are selectively bidding for early ‘00s built tonnage for import purposes. As buyers have a number of options to choose from and as values have recently remained flat in these ages, sales activity remains stable.
Nevertheless, buyers’ appetite remains strong thus this may be a good timing for new acquisitions in view of improving market levels. Comparatively, newbuilding activity has been steady but has not reached excessive volumes, possibly on the back of the uncertainty of the Tier III regulations that has made yards hesitant to commit new designs.
With regards to demolition, as a result of the ‘healthy’ freight rates and despite the current strong demo prices, owners are reluctant to scrap their ships and we have even recently noted increased interest from buyers in pre-2000 built vessels, mainly for Handysize up to Panamax bulkers with a number of transactions being concluded.
On the other hand, in the tanker sector activity remains flat but with some signs of improvement in view of current low values. The products sector has been more active recently with a couple of reported transactions at firming levels and with buyers mostly focusing on vessels built in the last 5-10 years. Period rates in the sector have also been relatively stable, providing some security to owners.
This has not been the case for crude carriers where the extensive pressure the spot market has been witnessing throughout the bigger part of the winter season is now also manifesting on period numbers. Indeed the crude carriers sector is relatively quiet but this may change in the foreseeable future as we are seeing some demolition activity – particularly in the VLCC sector for post ‘00s built units – in recent weeks.
As second hand values appear to have bottomed out – at least for now - and with most owners still reluctant to sell at current price levels, any ‘realistic’ market candidate attracts the interest of a number of buyers looking for a good asset play move. The lack of modern tonnage has resulted in a shift of buying interest towards vessels of around 15 year old of age, the values of which are now substantially closer to the LDT of the respective ships and any slight uptick in freight rates could prove profitable.
By Vasilis Moiris
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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Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
Tuesday, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit ...
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- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Australian Coal Association
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Planning Commission, India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
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