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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, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
Monday, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
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- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Aditya Birla Group - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Australian Coal Association
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
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