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