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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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Wednesday, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
Wednesday, 17 February 16
THE OWNERS FACING HISTORICAL LOW DRY BULK RATES; COAL IMPORTS TO CHINA IS STILL POINTING TO A STRONG TREND OF DECLINING CONSUMPTION
The sharp fall in dry bulk rates that has been taking place since the end of last year and has left owners facing historical low rates for a substa ...
Monday, 15 February 16
CALL THE DOCTOR! SHIPPING'S MEDICAL DRAMA UNFOLDS......- CLARKSONS
The recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities. Many of the key shipping markets ...
Monday, 15 February 16
CS 42 COAL INDEX ROSE 0.07% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.15 percent week over week to averaging $38.96 per ton on this past Friday, ...
Monday, 15 February 16
BALTIC INDEX MARGINALLY ROSE BY A POINT D-D; CAPESIZE INDEX DOWN 13 POINTS W-W; PANAMAX INDEX UP 29 POINTS W-W
COALspot.com: The freight markets continued to fall this past week.
The BDI, The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measu ...
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- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- The University of Queensland
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
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