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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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Sunday, 19 April 15
THE OCEAN FREIGHT MARKET SHOWED STEADY THIS WEEK
COALspot.com: The freight market was fairly steady this week. The BDI was up 2.93% to 597 points week over week. The cape index was also increased ...
Friday, 17 April 15
IHS ENERGY EUROPEAN COAL OUTLOOK CONFERENCE
Attend the IHS Energy European Coal Outlook Conference 19-20 May in Nice, France and learn about timely concerns in today’s coal industry.
...
Friday, 17 April 15
COAL PRODUCTION IN THE U.S. UP THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.0 million short ...
Thursday, 16 April 15
NEW COMMODITY SUPERHIGHWAY WILL EMERGE IN CHINA, ALTERING ENERGY TRADE FLOWS - WOOD MACKENZIE
Wood Mackenzie says that China’s Go West strategy – encouraging coastal to inland flow of capital and people - will result in the forma ...
Thursday, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
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- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Australian Coal Association
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
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