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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, 07 March 16
INDONESIAN 5700 GAR COAL INDEX DECLINE $0.05 A TON WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.28 percent week over week to averaging $38.66 per ton on this past Friday, ...
Monday, 07 March 16
FREIGHT MARKET MOVING POSITIVE; ALL SEGMENTS EXCEPT CAPE SHOWING A FIRM TREND
COALspot.com: The freight market was steady this past week and showing a firm trend for all segments except for Cape index.
The Baltic Dry Ind ...
Friday, 04 March 16
GLOBAL ECONOMY'S JITTERS ARE SLOWING DOWN SHIPPING EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The global economy’s shaky condition to say the least is now hampering growth and as a result demand for shipping is slowing down, something ...
Friday, 04 March 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 109.3 MMST; 30.2% LOWER THAN THE COMPARABLE YEAR-TO-DATE COAL PRODUCTION IN 2015 - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 million shor ...
Thursday, 03 March 16
INDIA'S BUDGET NOT ENOUGH TO BOOST STEELMAKERS' PROFITABILITY - FITCH RATINGS
COALspot.com: Fitch Ratings says that increase in proposed infrastructure spending in India's latest government budget is unlikely to provide a ...
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- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- MS Steel International - UAE
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
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