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Wednesday, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each economy negatively while state leaders now have to deal with multiple issues. Economic instability has been around longer than initially expected by G8, causing various troubles to both poor and rich countries globally.
Shipping is still also clouded as world economic obscurity persists. The increasingly number of demolished overage vessels - compared to the previous year - along with the slowdown of new orders and the non-effective contracts so far, have still not managed to provide equilibrium in the market. The continuous low rates in dry sector seem to have exhausted the patience of private equity investors and all those who came in and invested aggressively the past years, aiming for quick profits. The less but although constant launches of NB units by shipbuilders combined with the fact that banks are unable to provide fair financing terms and amounts even for their good clients, adds more downward pressure on asset prices. Thus the opportune ground, for traditional and cash rich shipowners, is well maintained.
Panamaxes and Supramaxes have gained most interest followed by Handymax and lately by Handysize units. Potential candidates circulated officially or pushed privately in the market are gaining ample interest and many inspection requests. Contrary to the logical hypothesis that more buyers will increase competition and consequently prices, the offers are still ranged in extremely low levels and Sellers are usually glad to accept offers slightly lower or equal to the last dones. The still unsold M/V Front Runner ( abt 55kdwt blt 09 Mitsui, Japan) has been inspected by 8 parties. We are hearing that her owners, who aim at around USD15.0m, gathered five offers last Friday with the highest being in the region of USD14.0m. This offer is in line with the previous sale of the M/V Ultra Initiator (abt 56kdwt 2007 blt 07 Mitsui, Japan), which was sold for USD 12.7m at the end of February.
At the same time, it seems that Japanese Sellers have second thoughts. They appear quick to withdraw their vessels from the market when the offers received are not reflecting their initial price ideas. This phenomenon is rising in the very recent years and it is strange and totally opposite from the “usual” Japanese sale practices, in which they are usually described as “definite sellers”. This swift of 180 degrees in the Japanese sales mentality seems to have picked this year and has also consequently offered some very strong resistance to asset prices declining further. Some representative examples are the M/V Lowlands Queen (abt 76kdwt blt 08 Imabari), the M/V Lady Maria Louisa (abt 76kdwt blt 07 Imabari), the M/V Epson Trader (abt 82kdwt blt 07 Tsuneishi), the M/V Grace Future (abt 75kdwt blt 06 Universal), the M/V Sea of Future (abt 76kdwt blt 05 Tsuneishi) and the M/V Cymbeline (abt 73kdwt blt 01 Sumitomo), all of which were either fixed them on long T/C contracts or the selling of which was pushed to Q4 of 2015, as their respective owners hoping to achieve better prices then. If you count them, it is almost one withdrawn Panamax vessel per month.
As the end of the first half of the year approaching, we most certainly have to admit that we are a shade away from the bottom of this cycle if not already there. In fact we have been experiencing for quite some time a “Buyer’s Market”. The question we are often asked is “when” the market will start moving up and not if. What I answer is what my grandfather once told me; “do not put all your beans in the same bag”. In other words spread your acquisitions in time and not all at once.
By Konstantinos Kontomichis
SnP Broker, Intermodal
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 20 July 15
CFR SOUTH CHINA COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.18 (2.27%) per MT month over month.
A commodity swap ...
Sunday, 19 July 15
BDI GAINED AND CROSSED 1000 MARK THIS WEEK
COALspot.com: The BDI gained and crossed 1000 mark after many months this Friday. The BDI was up almost 20 pct and closed 1048 points on 17 July 20 ...
Saturday, 18 July 15
INTERVIEW : FRANZ ESCALANTE, CHIEF OF INFORMATION SYSTEMS, MINERA CHINALCO, PERU
We are interested in the technology of Autonomous trucks, the new-generation trucks are not remote controlled, they are truly autonomous - Franz Es ...
Friday, 17 July 15
COAL PRODUCTION IN THE U.S. INCREASES SHARPLY FOR THE WEEK ENDING JULY 11
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.4 million short ...
Friday, 17 July 15
INDONESIAN POWER-STATION COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
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- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Aditya Birla Group - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Ministry of Mines - Canada
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