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