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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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Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
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- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Planning Commission, India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Wilmar Investment Holdings
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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