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