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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.
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Friday, 07 July 17
EIA ESTIMATES SHOW U.S WEEKLY COAL PRODUCTION UP 1.7 PERCENT
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.9 million short tonn ...
Thursday, 06 July 17
SUPRAMAX: INDO TO INDIA TRIPS WITH DELIVERY THAILAND RANGE IS GIVING OWNERS AROUND MID $8000 - FEARNLEYS
Supramax
Another slow start to the week with somewhat softening rates and few fixtures.
According to Fearnleys Weekly Dry bulk report, the N ...
Thursday, 06 July 17
UNEXPECTED MOVE FROM CHINA BOOSTS COAL PRICES - OIL PRICE
Coal prices have been cooling the last few months — after a spectacular run last year. But news late last week suggests the market is about t ...
Wednesday, 05 July 17
COAL PRICES ROSE IN CHINA, JAPAN AND EUROPE IN 2016 - BP
COALspot.com: Coal prices rose in China, Japan and Europe in 2016 after four years of price declines.
According to bp, the rise in coal prices ...
Wednesday, 05 July 17
TANKER MARKET INSIGHT - KATERINA RESTIS
A war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the st ...
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Showing 2011 to 2015 news of total 6871 |
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- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
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