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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, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
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- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- The University of Queensland
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
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