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