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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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Tuesday, 07 July 15
FOB NEWCASTLE COAL SWAP ADVANCED MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.28 per MT (-0.61%) month over month to US$ 45.85 per mt. The swap wa ...
Monday, 06 July 15
KOREA MIDLAND POWER COMPANY LIMITED ISSUED A TENDER FOR 250K MT BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 250K Metric Tons (MT) of 5300 kcal/kg NAR coal ...
Monday, 06 July 15
COAL TRADING & RISK MANAGEMENT TRAINING COURSE
Are you ready to invest in yourself and take your trading and risk management strategy to the next level? The Coal Trading & Risk Management Tr ...
Monday, 06 July 15
CFR SOUTH CHINA COAL SWAP; DECLINED D-O-D,W-O-W AND M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.53 (1.01%) per MT month over month.
A commodity swap ...
Sunday, 05 July 15
THE BALTIC DRY INDEX WAS DOWN 18%; PANAMAX UP 9%
COALspot.com: The freight market was soft during this week. However indices closed slightly firmer end of the week on 3rd July.
The BDI was do ...
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- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- The University of Queensland
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- McConnell Dowell - Australia
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
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