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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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Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
Thursday, 04 June 15
DRY BULK MARKET FAILED TO OFFER ANY POSITIVE SURPRISES - INTERMODAL
COALspot.com: This has been another week that the Dry Bulk market failed to offer any positive surprises, while the BDI, which is still faring belo ...
Wednesday, 03 June 15
SHIPPING MARKET INSIGHT - VASSILIS LOGOTHETIS
For some time now the Dry Bulk market has been severely affected by China’s slowing GDP growth rate that occurs in the background of increase ...
Tuesday, 02 June 15
FOB INDONESIA COAL Q3 SWAP ADVANCED 1.73% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and lost week over week, this past week.
The Q3 swap was climbed ...
Tuesday, 02 June 15
FOB RICHARDS BAY COAL SWAPS; Q3'15 CLOSED HIGHER THAN Q1'16
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 up month over month and week over week.
The Q3 swap was up US$ 0.80 (1 ...
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- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- The University of Queensland
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
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