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