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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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Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
Monday, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
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- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
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