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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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Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
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- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
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