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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, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
Monday, 21 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
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Showing 2206 to 2210 news of total 6871 |
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- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
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