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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, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
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- GMR Energy Limited - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- The University of Queensland
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
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