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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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Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
Thursday, 09 July 15
LACK OF FRESH BUSINESS IN THE PACIFIC LEFT CAPESIZE RATES MOVING SIDEWAYS - INTERMODAL
COALspot.com: Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the ...
Wednesday, 08 July 15
RIO TINTO'S MODERNISED KITIMAT SMELTER BEGINS PRODUCTION; KITIMAT BECOMING ONE OF THE LOWEST COST SMELTERS IN THE WORLD
COALspot.com: Rio Tinto is preparing its first shipments of metal from its world-class Kitimat aluminium smelter in Canada following an extensive m ...
Wednesday, 08 July 15
Q3'15 INDONESIA COAL SWAP DECLINED 3.14% MONTH OVER MONTH
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 $ ...
Tuesday, 07 July 15
FOB RICHARDS BAY COAL SWAPS DECLINED WEEK OVER WEEK
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$ ...
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- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Latin American Coal - Colombia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
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