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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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- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- PTC India Limited - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Australian Coal Association
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
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