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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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Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
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- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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