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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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Friday, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD c ...
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- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
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