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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, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
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- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
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