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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, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
Monday, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
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- Australian Coal Association
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- White Energy Company Limited
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
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