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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, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
Wednesday, 23 March 16
THE PANAMA CANAL - WILL THE MELTING OF POLAR ICE CAPS CREATE RIVAL NAVIGATIONAL WATERWAYS THROUGH THE ARCTIC? - INTERMODAL
The Panama Canal, 102 years after its initial opening, is now about to have its expansion completed with a cost of USD5.25 Billion. It is a project ...
Tuesday, 22 March 16
FOUR NEW MARKET MEMBERS HAVE JOINED GLOBALCOAL
globalCOAL® announced yesterday that four new Market Members have joined its international trading community.
Ferrocadia DMCC is an intern ...
Monday, 21 March 16
INDONESIAN 4200 GAR COAL INDEX ROSE $0.12 OR, 0.44% WEEK OVER WEEK; INDEX CLOASED AT $27.19 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.21 percent week over week to averaging $38.90 per ton on this past Friday, ac ...
Monday, 21 March 16
THE BALTIC DRY INDEX ROSE SLIGHTLY WEEK OVER WEEK; BCI UP 11.93%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued rose this week helped by higher rates for Cape ...
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Showing 2511 to 2515 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Central Java Power - Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
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