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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, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
Friday, 18 March 16
DRY BULK MARKET HAS LITTLE TO LOOK FORWARD TO FROM CHINA AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s rebound is long overdue, but when it comes, it won’t be because of China’s strong demand for commodities, o ...
Friday, 18 March 16
COAL PRODUCTION IN THE UNITED STATES SLIGHTLY DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.5 million shor ...
Thursday, 17 March 16
THE PANAMAX MARKET SEEMS TO BE A BIT TOPPISH THIS WEEK - FEARNLEYS
Cape
There are challenging days with rates or less unchanged from last week; West Australia to China still below US$ 3 pmt, and Tuarao to China i ...
Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen mo ...
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Showing 2516 to 2520 news of total 6871 |
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- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- The University of Queensland
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Australian Coal Association
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
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