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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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Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
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- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Economic Council, Georgia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
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