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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 22 May 15
FOB INDONESIA COAL Q3'15 SWAP FINISHED THE WEEK UP 38 CENTS TO $43.65 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, past week.
The Q3 swap was declined US$ ...
Friday, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
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- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
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