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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, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
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- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Independent Power Producers Association of India
- Australian Coal Association
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Anglo American - United Kingdom
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