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