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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, 08 April 16
COASTAL ENERGEN CROSSES GENERATION OF 1068 MW AND EXPORT OF 1004 MW FROM ITS 1200 MW IPP
COALspot.com: Coal & Oil (C&O) Group, an India centric Energy & Infrastructure company announced that their Coastal Energen' ...
Friday, 08 April 16
WEEKLY US COAL PRODUCTION ESTIMATES DIP 5.4% TO 11 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11 million short ...
Friday, 08 April 16
MINISTER OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO ISSUE REGULATION TO GUARANTEE THE COAL SUPPLY TO ITS 35K POWER PLANT PROJECTS
COALspot.com: In order to guarantee the supply of coal for 35,000 megawatt (mw) coal based power plants ( still in planning stage), the Minister of ...
Thursday, 07 April 16
CHINA STEEL CAPACITY CUTS FACE SOCIAL, FINANCIAL HURDLES - FITCH RATINGS
Fitch Ratings says today that the Chinese government's supply-side reform of the steel sector faces immense social and financial challenges. Th ...
Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
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- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
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