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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, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
Friday, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
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- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- The University of Queensland
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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