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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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- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Australian Coal Association
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
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