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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, 24 May 16
WEEKLY CS COAL INDICES NEGATIVE FOR ALL TYPES OF COAL EXCEPT 3800 GAR COAL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was down 0.10 percent week over week to averaging $38.90 per ton this past week, sho ...
Monday, 23 May 16
A PERFECT STORM FOR INDONESIAN STEAM COAL EXPORTS - CLARKSON RESEARCH
Indonesia is the world’s leading steam coal exporter, accounting for over 40% of global seaborne steam coal exports since 2010. However in 20 ...
Monday, 23 May 16
THE PANAMAX INDEX WAS UP 17 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this week.
The freight market was firm and all ...
Friday, 20 May 16
SHIPBUILDING CONTRACTS: CAN I CANCEL? SHOULD I CANCEL? - THE SHIPOWNER CLUB
KNOWLEDGE TO ELEVATE
There are many circumstances in which a buyer of a new-build vessel might want to terminate or cancel their contract with ...
Friday, 20 May 16
U.S COAL PRODUCTION FOR THE WEEK ENDED 14 MAY TOTALED 11.4 MMST; UP 3.8% W/W
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.4 million short tons (mm ...
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- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
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