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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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Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
Tuesday, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
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- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Australian Coal Association
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
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