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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 15 June 15
API 5 FOB NEWCASTLE COAL SWAP: Q1'16 DELIVERY CLOSED 1.14% LOWER THAN Q4'15 DELIVERY PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 1.10 per MT (2.47%) month over month to US$ 45.67 per mt. The swap ...
Monday, 15 June 15
CFR SOUTH CHINA COAL SWAP: ROSE M-O-M; DECLINED W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.43 (2.82%) per MT month over month.
A commodity swap is a ...
Sunday, 14 June 15
THE FREIGHT MARKET FINISHED THE WEEK UP COMPARED TO LAST WEEK
COALspot.com: The freight market finished the week up compared to last week. All the segments except for Cape index were up. Cape segment was ...
Friday, 12 June 15
EXPECTATIONS IN REGARDS TO THE SUMMER SEASON VARY ACROSS THE MARKET - INTERMODAL
The Dry Bulk market closed off last slightly up last week, with the BDI re-gaining the 600 points level, while the driving force behind the increas ...
Friday, 12 June 15
U.S. PRODUCED 15.1 MMST OF COAL THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.1 million short ...
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- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- White Energy Company Limited
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
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