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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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Monday, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
Friday, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
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- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Planning Commission, India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
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