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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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Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
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- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Planning Commission, India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
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