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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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Monday, 02 May 16
INDIA'S GANGAVARAM PORT SETS ALL INDIA RECORD FOR NON-COKING COAL DISCHARGE
COALspot.com: Gangavaram Port, the deepest and the most modern port in India, has created yet another historical milestone record by discharging 15 ...
Monday, 02 May 16
CS (I) 5000 GAR COAL INDEX CLOSES 0.11% HIGHER, 5700 GAR COAL RISES 0.07% W/W
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.28 percent week over week to averaging $38.78 per ton on this past Friday, acco ...
Monday, 02 May 16
FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Saturday, 30 April 16
40 YEARS OF HANDLING COAL AT THE BTW IN WILHELMSHAVEN UNDER THE RHENUS FLAG
Press Release: The first bulk carrier with coal on board docked at the Bulk Terminal Wilhelmshaven (BTW), which is operated by Rhenus Midgar ...
Friday, 29 April 16
U.S. COAL IMPORTS IN Q4' 15 DECLINED TO 2.7 MMST FROM 3 MMST IN Q3' 15
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.3 million short tons (mm ...
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- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- The University of Queensland
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
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