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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, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
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- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- White Energy Company Limited
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
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