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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, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
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- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- White Energy Company Limited
- Xindia Steels Limited - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
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