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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, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
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- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
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