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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
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