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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, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
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- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
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