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