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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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Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
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