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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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Thursday, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
Thursday, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
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- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
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