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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, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
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- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
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