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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, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
Thursday, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
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- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
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