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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
Monday, 31 October 16
INDONESIAN 5000 GAR COAL ROSE 5.56% WEEK OVER WEEK - CS COAL INDEX
COALspot.com: The price for thermal coal has recovered substantially since April 2016. The China’s new policy on its domestic coal miners, th ...
Friday, 28 October 16
STEAM COAL IMPORTS: CHINA AND INDIA'S ROLE REVERSALS - BEN TRIMMEL
While a sharp decline in European imports is a key driver of the expected fall in steam coal trade this year, China and India remain leading actors ...
Friday, 28 October 16
U.S. WEEKLY COAL OUTPUT ROSE DURING THE WEEK ENDING OCTOBER 22 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 27 October 16
73.08 PERCENT OF COAL PRODUCERS PREDICTED INDIA WILL NOT STOP COAL IMPORTS IN 2 TO 3 YEARS - POLL
COALspot released its weekly opinion poll "How likely do you think India will STOP thermal coal imports in 2-3 years?" this Monday.
...
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- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
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