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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, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
Wednesday, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
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- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Australian Coal Association
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- The University of Queensland
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- PTC India Limited - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
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