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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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Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
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