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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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Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
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- Wilmar Investment Holdings
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
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