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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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Wednesday, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable t ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
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Showing 2611 to 2615 news of total 6871 |
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- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Thiess Contractors Indonesia
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