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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, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
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- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
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