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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, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
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- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
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