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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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Showing 2001 to 2005 news of total 6871 |
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- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
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