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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, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
Monday, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
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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- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- White Energy Company Limited
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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