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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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Wednesday, 21 June 17
MARKET INSIGHT - SHIPPING
Looking back at March and April shipping reports when the dry bulk indexes were starting to move up, a number of shipping analysts were stating tha ...
Tuesday, 20 June 17
WORLD ECONOMY SHOWS A MORE OPTIMISTIC TREND
During the past weeks, we have seen many organizations and think tanks show a more optimistic face with regards to the world economy. The World Ban ...
Monday, 19 June 17
PANAMAX RATES HELP BALTIC INDEX TO A POSITIVE MOVE
COALspot.com: The Freight market rose very marginally this past week compared to the previous week, as BDI and Panamax indexes show a positive tren ...
Friday, 16 June 17
WEEKLY U.S. COAL PRODUCTION RISES; UP 24.1% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 15 June 17
SUPRAMAX NICKEL ORE FROM PHILIPPINES TO S. CHINA PAYING AROUND MID $10000 - FEARNLEYS
Supramax
Market looked more promising from both sides of the basins. Within Atlantic USG returned with tick better rates seen as tonnage kept tig ...
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Showing 2021 to 2025 news of total 6871 |
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- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- The Treasury - Australian Government
- MS Steel International - UAE
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
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