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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, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
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- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
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