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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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Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
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- Planning Commission, India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- MS Steel International - UAE
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
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