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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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- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Minerals Council of Australia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- Economic Council, Georgia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
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