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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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Wednesday, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in w ...
Tuesday, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
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- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Australian Coal Association
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
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