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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, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
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- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
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