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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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Sunday, 21 June 15
SPOT RATE AVERAGES FOR FREIGHT FROM INDONESIA TO INDIA REMAIN STRONG THIS WEEK
COALspot.com: The freight market was quite firm this week compared to last week. The BDI was up 21% week on week and closed at 779 points. The cape ...
Friday, 19 June 15
U.S. WEEKLY COAL PRODUCTION UP SLIGHTLY COMPARED TO LAST WEEK; CONTINUES TO BE DOWN FROM LAST YEAR
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.4 million short ...
Friday, 19 June 15
INDONESIA'S COAL-TRAFFICKING PROBLEM REQUIRES IMPARTIAL INQUIRY - JAKARTA GLOBE
Indonesia, the leading supplier to the seaborne thermal coal market, produces 420 million tons of coal per year, according to its official tally.
...
Thursday, 18 June 15
DRY BULK SHIPPING: LOWEST FLEET GROWTH IN 10 YEARS MAY NOT PROVE ENOUGH AS DEMAND IS NOT KEEPING PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The demand side of things in the dry bulk market seems unable to keep pace with even the slightest fleet growth, a sign of the demise that the indu ...
Thursday, 18 June 15
THE FAR EAST HANDYSIZE, HANDYMAX, SUPRAMAX MARKET REMAINED STEADY LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market closed off on Friday (last week) noting small gains on the back of stronger performance in the Panamax segment, w ...
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- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- The University of Queensland
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
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