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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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Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
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- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
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