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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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Friday, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
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 ...
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- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Planning Commission, India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- MS Steel International - UAE
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
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