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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, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
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, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
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- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
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