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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, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
Friday, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
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- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Aditya Birla Group - India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
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