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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, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
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