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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, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
Monday, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
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- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- The University of Queensland
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
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