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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, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
Tuesday, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
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- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- The University of Queensland
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
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