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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, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Planning Commission, India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Australian Coal Association
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
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