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