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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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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
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- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- PTC India Limited - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
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