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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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Tuesday, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
Monday, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
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- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
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