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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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Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- PTC India Limited - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- The University of Queensland
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
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