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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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Wednesday, 01 June 16
ZERO SUPPLY TO FUEL GROWTH IN THE DRY BULK MARKET SAYS BIMCO PRESIDENT
The dry bulk market could become profitable again in 2019 – but only if a series of extremely tough and sustained measures are taken by shipo ...
Wednesday, 01 June 16
MARKET INSIGHT - LINOS KOGEVINAS
In another page from this year’s oil drama, oil has, after a series of gains, rebounded to ~$50 / barrel and immediately stopped climbing. &n ...
Tuesday, 31 May 16
CS50 INDONESIA COAL INDEX UP 0.28% COMPARED WITH A WEEK AGO
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.28 percent week over week to averaging $39.01 per ton this past week, shows ...
Monday, 30 May 16
BORYEONG POWER PLANT TO IMPORT HALF A MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea’s state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 500,000 Metric Tons of Bituminous Coal T ...
Monday, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
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- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
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