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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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Wednesday, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
Tuesday, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
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- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- The University of Queensland
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
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