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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, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
Friday, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
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- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- The University of Queensland
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
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