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