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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, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
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Showing 2541 to 2545 news of total 6871 |
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- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Planning Commission, India
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
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