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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 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
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- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Planning Commission, India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
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