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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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Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
...
Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
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- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Economic Council, Georgia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Australian Coal Association
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
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