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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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Friday, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
Wednesday, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
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- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- The University of Queensland
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
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