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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, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
Friday, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
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- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- The University of Queensland
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
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