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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, 23 June 15
Q3 FOB INDONESIA COAL SWAP FALL $1.12 IN ONE 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, 23 June 15
FOB RICHARDS BAY COAL SWAP HAS REMAINED STEADY OVER THE PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 2.32 ...
Monday, 22 June 15
BORYEONG POWER PLANT TO IMPORT 140K MT OF LCV COAL FOR AUGUST - SEPTEMBER 2015
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase 140K Metric Tons (MT) of LCV coal for ...
Monday, 22 June 15
CFR SOUTH CHINA COAL SWAP: UP MONTH OVER MONTH; DOWN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.30 (0.58%) per MT month over month.
A commodity swap is a ...
Monday, 22 June 15
FOB NEWCASTLE COAL SWAP: UP WEEK OVER WEEK AND MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.54 per MT (1.19%) month over month to US$ 45.87 per mt. The swap was ...
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- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- The University of Queensland
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- PTC India Limited - India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
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