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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
Monday, 31 October 16
INDONESIAN 5000 GAR COAL ROSE 5.56% WEEK OVER WEEK - CS COAL INDEX
COALspot.com: The price for thermal coal has recovered substantially since April 2016. The China’s new policy on its domestic coal miners, th ...
Friday, 28 October 16
STEAM COAL IMPORTS: CHINA AND INDIA'S ROLE REVERSALS - BEN TRIMMEL
While a sharp decline in European imports is a key driver of the expected fall in steam coal trade this year, China and India remain leading actors ...
Friday, 28 October 16
U.S. WEEKLY COAL OUTPUT ROSE DURING THE WEEK ENDING OCTOBER 22 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 27 October 16
73.08 PERCENT OF COAL PRODUCERS PREDICTED INDIA WILL NOT STOP COAL IMPORTS IN 2 TO 3 YEARS - POLL
COALspot released its weekly opinion poll "How likely do you think India will STOP thermal coal imports in 2-3 years?" this Monday.
...
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- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- MS Steel International - UAE
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
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