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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, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Monday, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
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- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- The University of Queensland
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
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