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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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Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
Friday, 22 January 16
WEEKLY US COAL PRODUCTION ESTIMATES ALMOST FLAT
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.3 million shor ...
Friday, 22 January 16
COAL PRICES TO REMAIN UNDER PRESSURE THIS YEAR
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week. The falling trend of prices for coal was continuing ...
Friday, 22 January 16
Q3' 16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 40.80; DECLINE $ 2.80 M-O-M
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and decline week over week.
The Q1’ 2016 FOB Richards B ...
Wednesday, 20 January 16
Q3'16 FOB NEWCASTLE COAL SWAP CLOSED $ 2.40 LESSER THAN Q1'16 CLOSING PRICE OF $ 38.10
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $0.77 per ton (2.06%) this past week compared to the sam ...
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- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
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