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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
...
Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
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- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
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