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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, 02 May 16
INDIA'S GANGAVARAM PORT SETS ALL INDIA RECORD FOR NON-COKING COAL DISCHARGE
COALspot.com: Gangavaram Port, the deepest and the most modern port in India, has created yet another historical milestone record by discharging 15 ...
Monday, 02 May 16
CS (I) 5000 GAR COAL INDEX CLOSES 0.11% HIGHER, 5700 GAR COAL RISES 0.07% W/W
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.28 percent week over week to averaging $38.78 per ton on this past Friday, acco ...
Monday, 02 May 16
FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Saturday, 30 April 16
40 YEARS OF HANDLING COAL AT THE BTW IN WILHELMSHAVEN UNDER THE RHENUS FLAG
Press Release: The first bulk carrier with coal on board docked at the Bulk Terminal Wilhelmshaven (BTW), which is operated by Rhenus Midgar ...
Friday, 29 April 16
U.S. COAL IMPORTS IN Q4' 15 DECLINED TO 2.7 MMST FROM 3 MMST IN Q3' 15
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.3 million short tons (mm ...
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- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
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