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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, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
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- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
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