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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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Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
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- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
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