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Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
 Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk market during this year had not given us already enough reasons to sweat.
So far in the year 234 second hand transactions on the bulk side and 113 transactions on the wet have been reported. This shows a correlation between market confidence and opportunity recognition. To be more specific there is a lack of confidence on the wet side and a clear acknowledgment of investment opportunities on the dry side despite of the dismal earnings.
Literally every bulk carrier that enters the market gets sold as long as it is built post 1997. There were particular buying patterns along the past five months. At certain times Capes were the crowd’s favorites, while during other times Handysize vessels were being sold faster than freshly baked cupcakes.
Buyers’ preference shifted from size to size. Bigger ships attracted buyers willing to take a much more substantial risk, as subsidizing their respective vessel/s for a longer period of time appeared to be a greater possibility compared to what it would be having bought a smaller vessel that was usually preferred by investors taking a more modest approach.
Clearly the scale tips towards the geared ships when it comes to total sales. But we can see that when the BDI was at its lowest level there was a lot more activity in the Capesize segment compared to the months that the BDI started correcting upwards. At the same time Supramaxes remained popular throughout all these months and demand for Handysize vessels was also more or less steady. It is interesting to see that Panamax/Kamsarmax sale candidates started seeing a rise in interest during March and April, about the same time the dry bulk index started to rise.
So what can we make out of this? Even though assumptions are often proven wrong in this market, one could say that buyers seem willing to bet big when they believe that the absolute market bottom has been reached and that psychology is at its worse. The steady preference on smaller ships like Supramaxes and Handies could also be perceived as a sign that buyers expect these to be the first ships to enjoy an improved market. The sudden increase in Panamax/Kamsarmax purchases right after the BDI started to rise could be interpreted as a rush to acquire tonnage before asset values move up.
Let’s see how the summer months progress and how investors will react during the remainder of 2016, a year that admittedly kicked off with the worse possible signs.
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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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
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- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
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