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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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Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Australian Coal Association
- The University of Queensland
- Minerals Council of Australia
- India Bulls Power Limited - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
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