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