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