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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, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Mjunction Services Limited - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
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