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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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Monday, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
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