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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, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
Monday, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- White Energy Company Limited
- Planning Commission, India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
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