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