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