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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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Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
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