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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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Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
Wednesday, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
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- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
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