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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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Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
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- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Planning Commission, India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
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