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Wednesday, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
 Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk market. This is also most probably the reason why despite the significant drop in prices for second hand tonnage, especially for modern assets and for vessels that are above 10 years old, has extended into this year, as limited investor interested is at this stage unable to support asset prices.
The big question that arises in the mind of many market participants is whether prices will remain at their current heavily discounted levels or if they will fall further. Bank financing is expected to have a crucial role in this, pretty much as it did during 2015 when a number of banks exerted pressure on many shipowners to conclude a number of distressed deals with profound implications for the secondhand market and asset prices more specifically. The following two comparable sales is a characteristic example of the magnitude of this exerted pressure on prices; in July 2015, the “GRACE FUTURE” (75k blt ’06, Japan) was sold at about $13.5m and just four months later, the “MARITIME HARESHIO” (75k blt ‘06 Japan), was sold for $8.5m, which represents a hefty 37% drop.
An important factor behind the falling asset prices, besides the poor condition of the freight market that is, is the number of newbuilding vessels expected to hit water in 2016, a substantial part of which was originally scheduled to be delivered during last year. The magnitude of the pressure the additional tonnage that was set to come in service this year would bring on earnings, forced many owners to sell tonnage at low prices during the last part of 2015, being certain that in the beginning of 2016 the situation would only worsen, something that they pretty much seem to have gotten right so far. As hard as it might be to look for silver linings at this stage, the exceptionally slow ordering activity in the Dry Bulk sector is without a doubt a positive development that will definitely help the market in the future. Let’s not forget that one of the factors currently impacting the market severely is in fact the large volume of newbuilding orders placed back in 2013.
Another remarkable fact is that the biggest part of the latest sales, especially in regards to modern tonnage (Cape resales, Ultramaxes, modern Kamsarmaxes etc) comes from listed companies. These sales significantly affect the ‘last dones’ and the market consequently, while at the same time it is extremely difficult for a private company to sell at such a loss its modern vessels. The biggest part of the market “experts” has very low expectations in regards to this year and to be fair macro data in regards to dry bulk commodities is not currently helping towards a more positive view. Nevertheless, in my opinion and as the market is already standing at historical lows, maybe market predictions should aim more on how long this depressed period is going to last and less on the fact that it will indeed be a depressed period, as pretty much everyone has gotten this by now.
This might be the year when prices for Dry Bulk vessels might bottom or not. The “right” time remains perhaps the single most important factor in investing but as this time can be rarely pointed out with precision, all a potential investor can focus on is a comparison between current prices and lows in previous cycles. In this respect, 2016 will be a year of opportunity for shipowners to invest but more specifically those shipowners who have made provisions for at least a few more depressed months ahead.
George Iliopoulos
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.
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Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
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- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- The University of Queensland
- Planning Commission, India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
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