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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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Tuesday, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
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- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Parliament of New Zealand
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
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