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