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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, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Australian Coal Association
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
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