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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, 28 April 16
PRICES OF POWER-STATION COAL IN INDONESIA IS INCREASING
COALspot.com: Inquiries for Indonesian 4200 - 4400 Kcal/kg GAR thermal coal cargoes from India suddenly increase recent days.
A Jakarta-based ...
Thursday, 28 April 16
KOMIPO TO IMPORT 710K MT OF BITUMINOUS COAL DURING JULY - SEPTEMBER 2016
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 710,000 Metric Tons of Bituminous Coal for its B ...
Thursday, 28 April 16
CAPE: BIT MORE OPTIMISM IN THE MARKET; SUPRAMAX: FORWARD CURVE IS FALLING - FEARNLEYS
Cape
A bit of a slower week. Activity level has dropped, though the rates do still remain firm, says Fearnleys in its latest weekly report.
...
Wednesday, 27 April 16
THE OCEAN SHIPPING EXPERIENCED DRAMATIC VOLATILITY IN THE BEGINNING OF 2016 - PANOS TSILINGIRIS
Shipping’s new (ab)normal
The global economy and ocean shipping experienced dramatic volatility in the beginning of 2016 and as the glob ...
Wednesday, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
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- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Agrawal Coal Company - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
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