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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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Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Planning Commission, India
- Australian Coal Association
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- The University of Queensland
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
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