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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.
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Thursday, 05 November 15
INFORMATION EXCHANGE GROUP'S LATAM MINING SECURITY SUMMIT 2016 - INTERNATIONAL CONFERENCE ON TECHNOLOGY SECURITY IN MINING
Press Release: LATAM Mining Security Summit 2016 is a carefully designed event that will bring together the leading stakeholders in the mining sect ...
Wednesday, 04 November 15
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
Four companies dominate global iron ore production, namely; BHP Billiton, Vale, Rio Tinto, and Fortescue Metals Group. Together these companies con ...
Wednesday, 04 November 15
FOB RICHARDS BAY COAL SWAPS GAIN W-W AND M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and month over month.
The Q4 swap was up US$ 1.4 ...
Tuesday, 03 November 15
THE DISCHARGE OF CARGO IN THE PRC WITHOUT ORIGINAL BILLS OF LADING - CLYDE&CO
KNOWLEDGE TO ELEVATE
On occasions, a vessel may arrive at a port and be ready to discharge but the original bills of lading in respect of the ...
Tuesday, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
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- Parliament of New Zealand
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Australian Coal Association
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
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