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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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Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
Thursday, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
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- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- The University of Queensland
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
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