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Wednesday, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this to be a happy ending. However, in reality the leading actor at the beginning of the plot was probably in a much better state without all these sacrifices made in order to survive. This somewhat resembles the year so far in regards to the dry bulk market. Despite the fact that in most cases rates have slowly moved above OPEX levels, the way to also cover any debt and eventually make profit is still long for most shipowners. Saying that, dry bulk owners are now in a much better state compared to the first half of the year and this also justifies those who took a more aggressive approach amidst a sharply falling market and invested in second-hand tonnage close –for many – to the absolute price bottom during q1 and q2 given the increase asset prices have been witnessing.
In the Capesize segment, the M/V Monegasque Eclat (ex - Spring Hydrangea 176k dwt 2006 Namura / Japan) was bought for $11.7m back in March and was sold for $13.5m in August, an increase of around 16%. Additionally, Stealth Maritime bought the M/V TIGERLILY (ex- C. Winner - 169k dwt 2008 Daehan / Korea) in March for a price in the region of $11.3m and sold it in August for $15.6m, an increase of 38% in just five months. Also during March, Singaporean owner Wilmar bought the M/V Ten Maru (ex-Tenshin Maru 82k 2008 Tsuneishi Zhoushan / China) for $8.0m and sold it for $11.3m a couple of weeks ago. In the Supramax sector, rumors are spreading this week that the M/V Star Manx (58k 2009 Tsuneishi Zhoushan) was sold at $12m, which is a significant premium compared to the sister vessel M/V Vinayak (ex - Caly Manx 58k 2009 Tsuneishi Zhoushan) which was sold back in June for $9.75.
Despite the substantial increase in asset values that took place after the end of the first half of the year though, one can say that price levels are still relatively low and despite the fact that competition among interested Buyers remains healthy, these Buyers nowadays demonstrate more resistance and do not in rush/panic buying. This is probably because they believe that a fundamental and meaningful recovery in earnings will only take place once global growth and trading start to accelerate and they are probably taking a more preservative approach which in terms of buying means; no rush. Additionally, with a number of big banks still looking at respective restructurings and private equity having distanced itself from shipping, finance still remains limited, which means that the number of “serious” Buyers is limited to those who have cash.
The development of the fleet could also provide some support to the market. On top of any demolition activity and slippage, starting September 2017 onwards, those vessels going through their respective dry docking will have to comply with the water ballast requirements, fact which – given the cost entailed in such compliance - should expedite the removal of an additional number of older vessels from the market. The limited ordering in the dry bulk sector, which the market has been witnessing since 2015, is also a positive driver as far as a more controlled fleet development is concerned.
Eight years following the onset of the shipping crisis back in 2008, it is not too optimistic to say that market fundamentals have finally started to slowly shift towards a more positive direction, motivating even the most conservative owners to start showing some interest in the second-hand market. With a more clear view ahead, those who were in a “wait and see” mode will most probably redirect themselves towards the “closely monitoring” or even the “inspection/buy” mode.
By TKonstantinos Kontomichis
SnP Broker
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 31 July 17
KOMIPO INVITES BIDS FOR 750K MT OF 5,700 KCAL/KG NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 750,000 Metric Tons of Bituminous coal for its B ...
Monday, 31 July 17
THE PORT OF NEWCASTLE SHIPPED 17.08 PERCENT LESS COAL IN JUNE 2017 COMPARED TO ITS MAY LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,442.8 ...
Monday, 31 July 17
THE FREIGHT MARKET DECLINE THIS PAST WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Panamax indexes show a negative trend week over w ...
Friday, 28 July 17
U.S. WEEKLY COAL PRODUCTION UP 1.4% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 27 July 17
CAMPBELL SHIPPING APPOINTS ISS FOR GLOBAL HUSBANDRY REPRESENTATION SERVICES CONTRACT - ISS
COALspot.com: Inchcape Shipping Services (ISS) is delighted to announce that it has secured a global husbandry representation contract with Campbel ...
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Showing 1991 to 1995 news of total 6871 |
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
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