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