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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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Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
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- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
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