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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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Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
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- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
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