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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, 18 June 15
MERCATOR'S KAMSARMAX FIXED WITH CLEARLAKE
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on markets such as India, ...
Wednesday, 17 June 15
PANAMAX RATE AVERAGED $22.82 PMT IN THE FIRST 10 DAYS OF JUNE FOR THE GRAIN ROUTE FROM SANTOS, BRAZIL, TO QINGDAO, CHINA - INTERMODAL
This year, Brazil will be exporting a record 96 million tons of soybean crop and starting in August the country will begin shipping a second corn c ...
Tuesday, 16 June 15
MERS: POTENTIAL CHARTERPARTY IMPLICATIONS - CLYDE & CO
KNOWLEDGE TO ELEVATE
South Korea's current outbreak of Middle East Respiratory Syndrome (MERS) has been the focus of much international at ...
Tuesday, 16 June 15
Q3 FOB INDONESIA COAL SWAP PRICE DOWN 50 CENTS OVER PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month but declined week over week, this past week.
The Q3 swap was clim ...
Tuesday, 16 June 15
FOB RICHARDS BAY COAL SWAPS: PRICES MOVED UP ON THE WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 1.70 ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- The University of Queensland
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Economic Council, Georgia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
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