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