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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, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
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