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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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Monday, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
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- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
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