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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, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
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- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
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