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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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Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- PTC India Limited - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Eastern Coal Council - USA
- The University of Queensland
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
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