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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, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
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- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Minerals Council of Australia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
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