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Wednesday, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each economy negatively while state leaders now have to deal with multiple issues. Economic instability has been around longer than initially expected by G8, causing various troubles to both poor and rich countries globally.
Shipping is still also clouded as world economic obscurity persists. The increasingly number of demolished overage vessels - compared to the previous year - along with the slowdown of new orders and the non-effective contracts so far, have still not managed to provide equilibrium in the market. The continuous low rates in dry sector seem to have exhausted the patience of private equity investors and all those who came in and invested aggressively the past years, aiming for quick profits. The less but although constant launches of NB units by shipbuilders combined with the fact that banks are unable to provide fair financing terms and amounts even for their good clients, adds more downward pressure on asset prices. Thus the opportune ground, for traditional and cash rich shipowners, is well maintained.
Panamaxes and Supramaxes have gained most interest followed by Handymax and lately by Handysize units. Potential candidates circulated officially or pushed privately in the market are gaining ample interest and many inspection requests. Contrary to the logical hypothesis that more buyers will increase competition and consequently prices, the offers are still ranged in extremely low levels and Sellers are usually glad to accept offers slightly lower or equal to the last dones. The still unsold M/V Front Runner ( abt 55kdwt blt 09 Mitsui, Japan) has been inspected by 8 parties. We are hearing that her owners, who aim at around USD15.0m, gathered five offers last Friday with the highest being in the region of USD14.0m. This offer is in line with the previous sale of the M/V Ultra Initiator (abt 56kdwt 2007 blt 07 Mitsui, Japan), which was sold for USD 12.7m at the end of February.
At the same time, it seems that Japanese Sellers have second thoughts. They appear quick to withdraw their vessels from the market when the offers received are not reflecting their initial price ideas. This phenomenon is rising in the very recent years and it is strange and totally opposite from the “usual” Japanese sale practices, in which they are usually described as “definite sellers”. This swift of 180 degrees in the Japanese sales mentality seems to have picked this year and has also consequently offered some very strong resistance to asset prices declining further. Some representative examples are the M/V Lowlands Queen (abt 76kdwt blt 08 Imabari), the M/V Lady Maria Louisa (abt 76kdwt blt 07 Imabari), the M/V Epson Trader (abt 82kdwt blt 07 Tsuneishi), the M/V Grace Future (abt 75kdwt blt 06 Universal), the M/V Sea of Future (abt 76kdwt blt 05 Tsuneishi) and the M/V Cymbeline (abt 73kdwt blt 01 Sumitomo), all of which were either fixed them on long T/C contracts or the selling of which was pushed to Q4 of 2015, as their respective owners hoping to achieve better prices then. If you count them, it is almost one withdrawn Panamax vessel per month.
As the end of the first half of the year approaching, we most certainly have to admit that we are a shade away from the bottom of this cycle if not already there. In fact we have been experiencing for quite some time a “Buyer’s Market”. The question we are often asked is “when” the market will start moving up and not if. What I answer is what my grandfather once told me; “do not put all your beans in the same bag”. In other words spread your acquisitions in time and not all at once.
By Konstantinos Kontomichis
SnP Broker, Intermodal
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
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- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- The University of Queensland
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
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