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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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Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
Monday, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- White Energy Company Limited
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
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