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Wednesday, 10 February 16
OWNERS APPEAR WILLING TO DISPOSE OF TONNAGE THE SOONEST IT HITS THE 10 YEAR MARK - TIMOS PAPADIMITRIOU
 COALspot.com: The last two months of 2015 made a case for traditional shipowners to invest in the dry bulk sector, doing so though based purely on asset prices and not on market conditions. Today, three months later and with fewer vessels in the market, buying appetite seems to be subdued but not extinguished.
We are witnessing buyers still willing to inspect and offer on modern vessels, while once more we witness strong preference to Japanese built tonnage. Market expectations may not have changed dramatically when compared to three months ago, but what appears to be different today is that shipowners are letting the sour feeling to finally sink in.
As these lines are written the festivities for the Chinese New Year are taking place and are bound to depress the market even more. A couple months down the line, the closing of the Japanese fiscal year coupled with all the scheduled deliveries, are expected to also help shape the dry bulk asset scene for the rest of the year.
Although it seems that the perfect storm is brewing in the dry sector, the future holds surprises and if there is one thing we‘ve learnt from market cycles, it’s that things don't always go as expected. For now we can only wait and hope that the Monkey – 2016 being its year - will give its blessing.
At the same time, moving on to tankers, the picture is rather blurry and unclear. It seems that the market is waiting for some sort of downward correction to take place, although the wishful thinking that earnings will stay at healthy levels is unsurprisingly in the mind of all market participants. As there is too much analysis and many predictions out there for oil prices as well as the effect that Iranian production entering the global stage will have, I will only focus on current assets prices.
The asset market is flooded with ships. Piles of MR, AFRAs and VLCCs are being stacked, ranging mostly from early to mid-2000. On average and at any given time there are more than 40 vessels for sale on every segment with Korean built tonnage dominating the lot.
Owners appear willing to dispose of tonnage the soonest it hits the 10 year mark. These ships still make money to their owners and even though they put the “for sale” sign on them, they don't seem to be willing to part ways easily. The average price a Seller is asking for a 10 year old MR1 built in Korea is around USD 18 million. To put things into prospective, one can buy 2 x Japanese Kamsarmaxes, a year younger, and be left with more than 3 million to burn on subsidizing them for the next couple of years. Of course the MR is making money compared to the Kamsarmaxes that are currently bleeding cash. Nonetheless this just sums up the contradiction.
Some might say that the current picture of the tanker market is rather similar to the picture of the Bulk Carrier market back in 2006 when the market had been rising for more than two years and in everybody's mind a decline was due. Again many rushed to sell. The rest is history.
Don't get me wrong, I am not trying to argue anything. The point is to remotely try and make sense of what is going on. History repeats its self but this is not always the case. One thing is certain though and this is that history has a strange sense of humor. In 2016 players will have to find the silver lining between a cheap investment and a cash flow that allows you to survive.
By Timos Papadimitriou
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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 29 April 16
U.S. COAL IMPORTS IN Q4' 15 DECLINED TO 2.7 MMST FROM 3 MMST IN Q3' 15
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.3 million short tons (mm ...
Thursday, 28 April 16
PRICES OF POWER-STATION COAL IN INDONESIA IS INCREASING
COALspot.com: Inquiries for Indonesian 4200 - 4400 Kcal/kg GAR thermal coal cargoes from India suddenly increase recent days.
A Jakarta-based ...
Thursday, 28 April 16
KOMIPO TO IMPORT 710K MT OF BITUMINOUS COAL DURING JULY - SEPTEMBER 2016
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 710,000 Metric Tons of Bituminous Coal for its B ...
Thursday, 28 April 16
CAPE: BIT MORE OPTIMISM IN THE MARKET; SUPRAMAX: FORWARD CURVE IS FALLING - FEARNLEYS
Cape
A bit of a slower week. Activity level has dropped, though the rates do still remain firm, says Fearnleys in its latest weekly report.
...
Wednesday, 27 April 16
THE OCEAN SHIPPING EXPERIENCED DRAMATIC VOLATILITY IN THE BEGINNING OF 2016 - PANOS TSILINGIRIS
Shipping’s new (ab)normal
The global economy and ocean shipping experienced dramatic volatility in the beginning of 2016 and as the glob ...
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- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
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