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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 23 August 16
4200 GAR COAL INDEX CLIMB 15.96% YEAR TO DATE - CS COAL INDEX
COALspot.com: Average 4200 GAR coal index of Indonesian origin rose 1.65 % week over week to averaging $31.46 per ton this past week, shows CS (i) ...
Tuesday, 23 August 16
KOMIPO TO IMPORT 250K OF 5,700 KCAL/KG NAR COAL FOR Q4' 16
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for total 250,000 Metric Tons of Bituminous Coal for ...
Monday, 22 August 16
INDONESIA'S CS 5000 GAR THERMAL COAL INDEX, ROSE TO A 57-WEEKS HIGH TO TOP $43.47 A TON
COALspot.com: Indonesia’s CS 5000 GAR thermal coal index, rose to a 57-weeks high to top $US43. 47 a ton in the latest week, extending a 18-w ...
Monday, 22 August 16
THE FREIGHT MARKET WAS STEADY THIS PAST WEEK; CAPE INDEX DECLINE 5.38%
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, 19 August 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 421.6 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
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- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
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