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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, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
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- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- The University of Queensland
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
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