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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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Monday, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
Friday, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
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- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- The University of Queensland
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- PTC India Limited - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
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