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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, 27 May 16
PET-COKE IMPORTS TO FACE PRESSURE IN INDIA
COALspot.com: An Indian environmental activist moved the National Green Tribunal seeking ban on the use of all forms of petroleum coke, also called ...
Friday, 27 May 16
US COAL PRODUCTION ROSE 2.9% WOW, ACCORDING TO EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.7 million short tons (mm ...
Thursday, 26 May 16
GIANT ORE CARRIERS SET TO PLAY A BIGGER ROLE IN THE GLOBAL SHIPPING FLEET: CHINA EMBRACES VALEMAXES - RICHARD SCOTT
Another phase of the giant ships era is approaching. Chinese shipowners placed orders recently for 30 huge ‘valemax’ ore carriers. Thes ...
Wednesday, 25 May 16
MEDIATION AS A WAY TO RESOLVE DISPUTES IN THE SHIPPING INDUSTRY - LANA JACOBS
KNOWLEDGE TO ELEVATE
The shipping market is currently experiencing a serious recession with the Baltic Dry Index and Baltic Capesize Index bot ...
Wednesday, 25 May 16
DRY BULK SNP MARKET DISPLAYS SIGNS OF STRENGTH - GEORGE ILIOPOULOS
Only a couple of weeks away from the world’s most prominent maritime event, the market for tankers displays an evident lack of confidence in ...
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- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
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