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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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Thursday, 28 January 16
RICHARDS BAY COAL SWAPS FOR Q1,Q2 AND Q3 DELIVERIES FIRM THIS PAST WEEK
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap rose month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coa ...
Wednesday, 27 January 16
API 5 FOB NEWCASTLE COAL SWAPS CLOSE MIXED
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.17 per ton (3.13%) this past week compared to the sam ...
Wednesday, 27 January 16
CHINA'S STALLING ECONOMY HAS HAD A GREAT EFFECT ON VARIOUS COMMODITIES; DECREASED DEMAND DRIVING COMMODITY PRICES LOWER AND LOWER - LINOS ALEXANDROS KOGEVINAS
Having gone through the first few weeks of 2016, it’s starting to look like another challenging year is ahead of us. Hopes for a recovery in ...
Wednesday, 27 January 16
WORLD HARD COAL PRODUCTION AND CONSUMPTION DECLINE IN 2015 FOR THE FIRST TIME IN OVER A DECADE - VDKI
COALspot.com: Seaborne hard coal trade and the changes in this area were decisively affected by China and India - VDKi.
China bears the g ...
Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
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Showing 2586 to 2590 news of total 6871 |
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- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
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