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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, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
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- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Economic Council, Georgia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
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