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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
Wednesday, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
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- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
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