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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, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
Monday, 07 November 16
HANDYSIZE: THE ASIAN INDICES RECORDED A GRADUAL DROP EVERY DAY - THE BALTIC BRIEFING
Capesize
A rumour-fuelled market this week but essentially rates a touch firmer and owners cautiously optimistic. The flotilla of vessels heading ...
Monday, 07 November 16
THE SUPRAMAX CHARTER RATES FOR INDONESIA TO INDIA WERE RATING AT AROUND $7500-8000 A DAY
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, 04 November 16
U.S COAL PRODUCTION UP WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Friday, 04 November 16
INDONESIAN INFRASTRUCTURE DEVELOPMENT TRENDS ARE UNANIMOUSLY AFFIRMED
Press Release: October 20-21, 2016 Indonesia Infrastructure Summit (IIC) opened at the Hyatt Hotel in Jakarta The theme of the meeting was "Pr ...
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- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Planning Commission, India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- The University of Queensland
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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