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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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Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
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- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Australian Coal Association
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
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