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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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Tuesday, 21 April 15
SUB-BIT FOB INDONESIA COAL SWAP: GAINED W-O-W; DECLINED M-O-M
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week and declined month on month.
The Q2 swap was declined US$ 1.75 ( ...
Tuesday, 21 April 15
FOB RICHARDS BAY COAL SWAP MOVE UP SLIGHTLY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased slightly month over month.
The Q2 swap has increased US$ 0.2 ...
Monday, 20 April 15
BUKIT ASAM TAKES OVER STAKE IN JV FROM RAJAWALI - JP
State-owned coal miner PT Bukit Asam (PTBA) announced Friday that it had taken over almost the entire stake in a joint venture (JV) that it created ...
Monday, 20 April 15
FOB NEWCASTLE COAL SWAP GAINED WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.54 per MT (-7.21%) month over month and gained US$ 0.30 week ...
Monday, 20 April 15
Q4' 2015 API 8 CFR SOUTH CHINA COAL SWAP CLOSED US$ 50.28 PMT
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.03 (-7.28%) per MT month over month and US$ 0.05 (-0 ...
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- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Planning Commission, India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Australian Coal Association
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
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