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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, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
Friday, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
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- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Planning Commission, India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Thai Mozambique Logistica
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