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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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Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
Monday, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
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- Minerals Council of Australia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
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