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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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Friday, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk ...
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- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
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