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