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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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Saturday, 09 January 16
BALTIC DRY INDEX SINKS 10% WEEK OVER WEEK TO AN ALL-TIME LOW OF 429 POINTS
COALspot.com: The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, decline around 10% we ...
Friday, 08 January 16
FOB INDONESIA COAL SWAP FOR DELIVERY H1'16 REMAIN FLAT AS DEMAND DROPS OFF
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month, flat week over week. The price for coal has been in a Dull Market sinc ...
Friday, 08 January 16
FOB RICHARDS BAY COAL SWAP FOR Q2'16 DELIVERY CLOSED UP $0.13 AT $45.50 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Friday, 08 January 16
WEEKLY US COAL PRODUCTION DECLINES 1.6% TO 11.7 MMST, SAYS EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.7million short ...
Friday, 08 January 16
DRY BULK MARKET'S CRISIS DEEPENS AS RATES ARE DROPPING TO NEW RECORD LOWS BY THE DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Just when you would think that the dry bulk market is reaching its bottom, even as it has long surpassed all-time lows, each day that passes by at ...
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Showing 2616 to 2620 news of total 6871 |
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- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- White Energy Company Limited
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
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