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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, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
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, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
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- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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