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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, 18 August 16
CAPESIZE: AN EXTREMELY VOLATILE LAST WEEK, WHERE THE MAIN DRIVER HAS BEEN THE WEST AUSTRALIA MARKET
Supramax
The week has held up. After the most of the world is back at work there is some optimism again in the market. The Far East volume has in ...
Tuesday, 16 August 16
WEEKLY CS42 COAL INDEX SOARS 14.08% YEAR TO DATE AMID HIGH DEMAND
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 2.37% week over week to averaging $42.84 per ton this past week, shows CS (i) C ...
Monday, 15 August 16
DRY BULK: 2017 COULD MARK THE START OF LOWER SHIP DELIVERIES HELPING TONNAGE SUPPLY ISSUES IN THE MARKET, SAYS SHIPOWNER - HELLENIC SHIPPING NEWS
Dry bulk owner Pacific Basin, mainly active in the Handysize and Supramax trades appeared optimistic in its analysis of the prospects of the dry bu ...
Monday, 15 August 16
INDONESIAN COAL PRICES RALLYING; COAL OUTPUT REMAINS FLAT
COALspot.com: Global thermal coal prices, including Indonesian coal prices have risen sharply due to jump in imports from China as it curbs domesti ...
Monday, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
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Showing 2316 to 2320 news of total 6871 |
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- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Planning Commission, India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- White Energy Company Limited
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
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