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