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