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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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Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
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- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Planning Commission, India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Aditya Birla Group - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
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