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