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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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Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
Thursday, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
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- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- The University of Queensland
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
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