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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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Tuesday, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
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 ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
...
Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
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- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Australian Coal Association
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
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