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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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- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
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