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