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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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Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
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, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Australian Coal Association
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- GMR Energy Limited - India
- The University of Queensland
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
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