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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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Thursday, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
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- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Parliament of New Zealand
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
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