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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, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
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