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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, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
Monday, 14 November 16
DUNIA MAKMUR SUBSIDIARY BAGS MINING SERVICE CONTRACT WORTH $ 282.63 MILLION
PT Bukit Makmur Mandiri Utama (BUMA), has signed a life of mine contract with PT Tadjahan Antang Mineral (TAM) with a contract value of approximate ...
Monday, 14 November 16
THE CAPE INDEX ROSE 44.57 PER CENTS TO 2303 POINT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 11 November 16
INDONESIAN 4200 GAR COAL IS THE MOST ATTRACTIVE COAL IN TODAY'S MARKET - OPINION POLL
“ Which coal type of Indonesian origin do you find the most attractive in today's market?”
The on-line opinion poll conducted ...
Friday, 11 November 16
WEEKLY U.S. COAL OUTPUT FELL SLIGHTLY W/E NOVEMBER 5
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.9 million short ton ...
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Showing 2216 to 2220 news of total 6871 |
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
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