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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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Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
Friday, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
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- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
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