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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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Monday, 24 October 16
DRY BULK:MARKET ENDS WEEK WITH MIXED REACTIONS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ending with mixed direction as Cape and BDI was declined ...
Thursday, 20 October 16
THE PORT OF NEWCASTLE SHIPPED 16.97 PERCENT MORE COAL IN SEPTEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,216.7 m ...
Thursday, 20 October 16
A SUPRAMAX HAVE BEEN FIXED AT $12,500 FOR A INDIA TO BANGLADESH TRIP - FEARNLEYS
Supramax
A bit more activities with modest upturn in rates.
According to Fearnleys weekly report, US Gulf trip to Skaw-Passero has seen cons ...
Wednesday, 19 October 16
THE SHIPPING MARKET IS IN A WAIT AND SEE MODE - INTERMODAL
We are now heading towards the end of a rather volatile 2016 for the dry bulk segment. During the last 10 months there were never any clear indicat ...
Tuesday, 18 October 16
COAL PRICES KEPT CLIMBING
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 ...
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- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- The University of Queensland
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
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