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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, 24 October 16
DRY BULK:MARKET ENDS WEEK WITH MIXED REACTIONS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ending with mixed direction as Cape and BDI was declined ...
Thursday, 20 October 16
THE PORT OF NEWCASTLE SHIPPED 16.97 PERCENT MORE COAL IN SEPTEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,216.7 m ...
Thursday, 20 October 16
A SUPRAMAX HAVE BEEN FIXED AT $12,500 FOR A INDIA TO BANGLADESH TRIP - FEARNLEYS
Supramax
A bit more activities with modest upturn in rates.
According to Fearnleys weekly report, US Gulf trip to Skaw-Passero has seen cons ...
Wednesday, 19 October 16
THE SHIPPING MARKET IS IN A WAIT AND SEE MODE - INTERMODAL
We are now heading towards the end of a rather volatile 2016 for the dry bulk segment. During the last 10 months there were never any clear indicat ...
Tuesday, 18 October 16
COAL PRICES KEPT CLIMBING
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 ...
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- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- The University of Queensland
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
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