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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, 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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- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
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