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