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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.
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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Monday, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
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- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
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