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