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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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Thursday, 10 November 16
WILL TRUMP VICTORY PROVIDE A BOOST FOR HYDROCARBON & COAL INDUSTRIES? - DOUGLAS-WESTWOOD
Donald Trump’s surprise victory ends months of an adversarial presidential campaign with bitter disagreements between the two major candidate ...
Thursday, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
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- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
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