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Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
 Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the beginning of the process for the country's exit from the European Union. Despite the fact that the medium and long term effects of this historical decision are hard to assess at the moment, the shockwaves from Thursday's result were felt by nearly everyone in the investing community. Wiped out stock values, a plunge in oil prices and of course a shaky sterling were some of the immediate referendum effects, while the shipping industry, already fundamentally challenged in many ways is still trying to figure out what to expect by this new development. Brexit will introduce a new reality for the British people that will bring along massive challenges for the country's economy but will also result in a stronger effort by the Britons in order to become more competitive, with newly formed or altered trade agreements with other countries that are bound to impact the shipping industry as well.
Either or we will have to wait much longer to fully see the impact of this rather unexpected divorce between Britain and the E.U. on our industry, while the fact that all dry bulk indices, opposite to most global market indices, rose on Friday, is strong evidence of how hard this correlation is at the moment. If anything buying interest for bulkers appears to be unaffected for now. Kamsarmaxes, Panamaxes and Supramaxes built during the last decade are currently the most popular, with Japanese built tonnage naturally gathering most inspections. Despite the undoubtedly firm activity though, there is still a lot of insecurity among owners who remain sceptic in regards to how long it will take before a meaningful recovery takes place. As for those owners who are currently contemplating to buy, this feeling of insecurity is additionally also fed by the recent firming of prices which definitely makes the decision to invest costlier and consequently riskier. Saying that and despite this recent firming in dry bulk asset values, prices are still low. Last week we saw the M/V KEY BOUNDARY (83kdwt, blt 2010, Sanoyas) being committed in the region of USD 13.7m, while about a year ago a similar vessel was marketed at around $ 21.5m.
As far as tankers are concerned, the second hand market still remains on a downward path. The M/T SIGNAL MAYA (46kdwt, blt 2005, Naikai Zosen) was sold in the region of $ 15.5m and the M/T STAVANGER EAGLE (45kdwt, blt 2004, Shin Kurushima) was sold in the region of $ 16.0m. Owners' ideas for ten year old vessels were in the high $ 18.0m some time ago but have now come down to $ 16.0m and it looks very possible that they will keep going lower. As far as bigger vessels are concerned things are similar, the M/T E ELEPHANT (317kdwt, blt 2011, Hyundai) which was sold in the region of $ 55.6m, while the similar vessel M/T HANJIN RAS TANURA (309kdwt, blt 2011, Hyundai) was sold in the region of $ 75.0m back in February.
As a general observation, we are seeing two broad categories of buyers. Big shipowners who have been inspecting, offering -even low - and end up buying. These owners believe that this is the right time to renew their fleet and hope to also benefit from the eventual recovery of the market, which will result in the increase in value of an asset bought at low levels that should compensate them for the time they will have to financially support their investment. On the other hand, there are these owners who keep inspecting but do not offer, waiting to do so only when a clear sign of recovery is visible even if this means that they will have to face higher asset values when the time comes. Either or we don’t see the Brexit seriously affecting the logic of any of these two categories of Buyers for now.
By Giannis Andritsopoulos
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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Tuesday, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
Monday, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
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- VISA Power Limited - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
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- Parliament of New Zealand
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- Economic Council, Georgia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
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- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
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- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
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- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
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- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
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- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
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- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
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