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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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Tuesday, 09 June 15
FOB RICHARDS BAY COAL SWAPS DECLINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was fell US$ ...
Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
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- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Planning Commission, India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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