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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, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Monday, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
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- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Petron Corporation, Philippines
- PTC India Limited - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
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