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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, 14 June 17
WORLD COAL PRODUCTION FELL BY 6.2%, THE LARGEST ANNUAL DECLINE ON RECORD - BP
COALspot.com: The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as ...
Wednesday, 14 June 17
HANDYSIZES AND PANAMAXES ENJOY THE TIGHTEST SUPPLY - PANOS TSILINGIRIS
The dry and the tanker shipping segments have dissimilar exposure to supply-driven opportunity (or risk). While the vintage (i.e., over 15 years ol ...
Tuesday, 13 June 17
THE TANKER FREIGHT MARKET IS STILL UNDER PRESSURE - GEORGE LAZARIDIS
News of U.S. inventory decline has hit the market by surprise with prices of the commodity showing some quick revival as OPEC continues to push wit ...
Monday, 12 June 17
THE BALTIC DRY INDEX TOOK A POSITIVE STEP
COALspot.com: The Freight market incline this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ...
Friday, 09 June 17
U.S WEEKLY COAL OUTPUT WAS FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Planning Commission, India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
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