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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, 20 June 16
THE BDI HAS FELL 23 POINTS WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined this past week. The BDI was fell 3.77 percent fr ...
Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in ...
Friday, 17 June 16
KOMIPO INVITES BIDS FOR BITUMINOUS COAL FOR BORYEONG POWER PLANT
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 ...
Friday, 17 June 16
U.S WEEKLY COAL PRODUCTION UP 7.7% - EIA
COALspot.com – U.S., the world’s one of the largest coal producer has produced approximately totalled an estimated 12.9 million short t ...
Wednesday, 15 June 16
THE DRY BULK PRICES CORRECTED UPWARDS ROUGHLY 15% - KONSTANTINOS KONTOMICHIS
Once more, the international shipping community turned its attention to Greece and more specifically to Attica that hosted Posidonia, the biggest m ...
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- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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