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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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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
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- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Posco Energy - South Korea
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Australian Coal Association
- Economic Council, Georgia
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