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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, 24 May 16
WEEKLY CS COAL INDICES NEGATIVE FOR ALL TYPES OF COAL EXCEPT 3800 GAR COAL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was down 0.10 percent week over week to averaging $38.90 per ton this past week, sho ...
Monday, 23 May 16
A PERFECT STORM FOR INDONESIAN STEAM COAL EXPORTS - CLARKSON RESEARCH
Indonesia is the world’s leading steam coal exporter, accounting for over 40% of global seaborne steam coal exports since 2010. However in 20 ...
Monday, 23 May 16
THE PANAMAX INDEX WAS UP 17 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this week.
The freight market was firm and all ...
Friday, 20 May 16
SHIPBUILDING CONTRACTS: CAN I CANCEL? SHOULD I CANCEL? - THE SHIPOWNER CLUB
KNOWLEDGE TO ELEVATE
There are many circumstances in which a buyer of a new-build vessel might want to terminate or cancel their contract with ...
Friday, 20 May 16
U.S COAL PRODUCTION FOR THE WEEK ENDED 14 MAY TOTALED 11.4 MMST; UP 3.8% W/W
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.4 million short tons (mm ...
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- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
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