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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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Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
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