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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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Thursday, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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 ...
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- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
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