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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, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
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- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
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