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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, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY 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 ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
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- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
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