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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, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
...
Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
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- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Australian Coal Association
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- PTC India Limited - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
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