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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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Friday, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
Thursday, 16 July 15
INDONESIA'S HBA HITS ALL-TIME LOW OF $59.16 PER METRIC TON IN JULY 2015
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.16 pe ...
Thursday, 16 July 15
FOB RICHARDS BAY COAL SWAPS DECLINE W-O-W, M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Wednesday, 15 July 15
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
The last few weeks have been rather strenuous for Greece and China, each for their own reasons, affecting most markets around the world. In Greece ...
Wednesday, 15 July 15
IRAN OIL RECOVERY TO TAKE YEARS, BUT COULD START IN 2016 - FITCH
Iranian crude oil production is likely to increase in 2016 but will take a number of years to reach its previous peak, Fitch Ratings says.
The ...
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- Trasteel International SA, Italy
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
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