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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, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
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