We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 11 November 15
VESSEL VALUES ARE DOWN BY AT LEAST 20% SINCE MID-AUGUST - INTERMODAL
 I had promised not to spend another broker’s insight focusing on the dry bulk side. However, the sale of the M/V Churchill Bulker (179,362 dwt, blt ‘11 HHI) to Diana for approximately $28.4m, brought us face to face with the harsh reality once again; values are down by at least 20% since mid-August.
What I found extremely interesting is a new rhetoric which is being created by seasoned professionals that, 7 years after the Lehman collapse, this is the first time we are experiencing a proper shipping crisis. Now that the dust from the financial crisis has settled, capital markets are showing resistance to worldwide political turbulence and financial institutions are nearing the end of their challenge named Basel III, our industry has no alibi in still blaming China or other developing economies for not continuing to outperform expectations. The pundits that still maintain their memories from the 80’s fresh are having a strong “Deja-vu” driven by an enormous order book. Low scrapping activity in 2H 2015 -when compared to current freight rates and pending regulatory reforms further underlines the issue.
But this is all known and extensively documented. Too much ink has been wasted in analyzing, if not dramatizing, the market situation across all sizes. Things are bleak but repeating it doesn’t help solve the problem. There must be a reaction trigger point and when it comes to asset values, that point should be connected to the replacement cost compare to the value of an existing asset; i.e. the moment that buying a modern vessel is a no-brainer because building a new one is uneconomical in every which way you look at it…
The same players recalled that during the bleakest of times, one could purchase a 5yr old vessel for 35-40% of its NB price. No matter how shocking that statement sounds, reading through the new format of our research team’s monthly report, one can easily realize we are not far off that reaction point. As Tier III regulations are applied on every contract being negotiated henceforth, we expect to see at least a 6 month period where even the keenest buyers will follow a “wait and see” tactic towards the new technologies, engines, etc. and NB cost will increase by almost 10% which will shift the curve to levels witnessed almost 30 years ago.
What happened back then?
Well, last time we saw such a discrepancy in NB costs compare to 5yr old values, there was significant disinvestment in NB’s over a prolonged period, which was further intensified by higher scrap volumes and the gradual implementation of a series of regulations, which raised the cost of maintenance and drove even more vessels out of the market.
Does it ring any bells?
By George Dermatis
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 01 December 15
TANKERS VERSUS BULKERS - JUST PLAYING CATCH UP? - CLARKSONS
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000 ...
Monday, 30 November 15
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
ASSOCARBONI is in favour of an international mechanism to provide financial support to countries building high efficiency low emission coal plants. ...
Monday, 30 November 15
CS 5000 GAR COAL INDEX FIRM D-O-D; WEAK W-O-W
COALspot.com: The 5000 GAR CS (i) coal index up slightly day over day.
According to the system generated index, the CS 50 (5000 GAR coal) was ...
Monday, 30 November 15
CFR SOUTH CHINA COAL SWAPS REMAINED UNCHANGED FROM LAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.50 (9.78%) per ton month over month.
A commodity swap ...
Sunday, 29 November 15
CAPE INDEX SURGES 383 POINTS WEEK OVER WEEK, BOOSTS BALTIC DRY INDEX
COALspot.com: The Baltic Dry Index, a measure of shipping rates, fell to 498 points on 20 November and touched a 30-year low, but on 27 November th ...
|
|
|
Showing 2681 to 2685 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- MS Steel International - UAE
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
|
| |
| |
|
