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