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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, 18 January 16
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 42.50 PER TON; UP 1% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.43 (1.02%) per ton month over month.
A commodity swap is ...
Friday, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
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- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Economic Council, Georgia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- White Energy Company Limited
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
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