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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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- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Latin American Coal - Colombia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
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