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Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
 Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk market during this year had not given us already enough reasons to sweat.
So far in the year 234 second hand transactions on the bulk side and 113 transactions on the wet have been reported. This shows a correlation between market confidence and opportunity recognition. To be more specific there is a lack of confidence on the wet side and a clear acknowledgment of investment opportunities on the dry side despite of the dismal earnings.
Literally every bulk carrier that enters the market gets sold as long as it is built post 1997. There were particular buying patterns along the past five months. At certain times Capes were the crowd’s favorites, while during other times Handysize vessels were being sold faster than freshly baked cupcakes.
Buyers’ preference shifted from size to size. Bigger ships attracted buyers willing to take a much more substantial risk, as subsidizing their respective vessel/s for a longer period of time appeared to be a greater possibility compared to what it would be having bought a smaller vessel that was usually preferred by investors taking a more modest approach.
Clearly the scale tips towards the geared ships when it comes to total sales. But we can see that when the BDI was at its lowest level there was a lot more activity in the Capesize segment compared to the months that the BDI started correcting upwards. At the same time Supramaxes remained popular throughout all these months and demand for Handysize vessels was also more or less steady. It is interesting to see that Panamax/Kamsarmax sale candidates started seeing a rise in interest during March and April, about the same time the dry bulk index started to rise.
So what can we make out of this? Even though assumptions are often proven wrong in this market, one could say that buyers seem willing to bet big when they believe that the absolute market bottom has been reached and that psychology is at its worse. The steady preference on smaller ships like Supramaxes and Handies could also be perceived as a sign that buyers expect these to be the first ships to enjoy an improved market. The sudden increase in Panamax/Kamsarmax purchases right after the BDI started to rise could be interpreted as a rush to acquire tonnage before asset values move up.
Let’s see how the summer months progress and how investors will react during the remainder of 2016, a year that admittedly kicked off with the worse possible signs.
By Timos Papadimitriou
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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- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- The University of Queensland
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
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