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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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Monday, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
Monday, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
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- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- The University of Queensland
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
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