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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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Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
Monday, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
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- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
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