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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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Monday, 01 June 15
35,000 MW POWER PLANTS TO BOOST COAL CONSUMPTION - JP
The government’s program to develop 35,000 megawatt (MW) power plants will increase domestic coal consumption, which currently stands at arou ...
Monday, 01 June 15
API 5 FOB NEWCASTLE COAL SWAP; Q1'16 CLOSED LOWER COMPARED TO Q3'15
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.36 per MT (0.80%) month over month. The swap was closed at US$ ...
Monday, 01 June 15
CFR SOUTH CHINA COAL SWAP: GAINED W-W, M-M; Q1'16 CLOSED HIGHER THAN Q3'15
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.15 (2.26%) per MT month over month.
A commodity swap is a f ...
Sunday, 31 May 15
CAPE AND PANAMAX SEGMENTS SLIDE CONTINUES
COALspot.com: The BDI was up about 0.5 pct week on week and closed at 589 points while the cape index was fell 0.73 pct and closed at 810 po ...
Friday, 29 May 15
DRY BULK MARKET IS THE VICTIM OF A SHIFT IN DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The fall in dry bulk freight rates is attributed, in large part, to the substantial decrease of China’s thermal coal imports, a major commodi ...
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- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
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