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Wednesday, 25 May 16
DRY BULK SNP MARKET DISPLAYS SIGNS OF STRENGTH - GEORGE ILIOPOULOS
 Only a couple of weeks away from the world’s most prominent maritime event, the market for tankers displays an evident lack of confidence in regards to future prospects, hence buying interest remains particularly reserved. The number of inspections that takes place at the moment is fairly limited, while comparing recent sales of VLCC tonnage to similar sales that took place towards the end of last year, we see that prices are roughly 15% down. With the exception of a few specific deals involving VLCC and Suezmax tonnage, buying interest over in the tanker sector mostly focuses on MR vessels, particularly those units controlled by financiers, while except from the lack of confidence, another major issue that weighs down on SnP activity is the big gap between price levels offered by Buyers and those that are accepted by the Sellers.
Moving on to the demolition market, prices here are also pointing down. At the same time, demo buyers are also becoming more and more reserved in their bids, while despite the fact that prices offered at the moment are without a doubt improved compared to the $220/ldt levels that the market witnessed back in February, we believe that the stability can only be achieved after budget announcements, scheduled in June, take place.
At the same time, the dry bulk SnP market displays signs of strength, with buying interest focusing mainly on Supramax and Kamsarmax tonnage built during the last decade. A representative example of this recent momentum in the market is the M/V UNITED TREASURE (82kdwt blt 06 Japan), which was inspected by more or less fifteen (!) buyers. The healthier freight market, combined with improved psychology and of course the aforementioned firming appetite by Buyers, have provided support to asset prices for vessels close to 10 years of age. We calculate this increase in the region of 15%-20% compared to price ideas for similar vessels back in the beginning of the spring season.
Similarly, buyers are also looking with increased interest tonnage built around the end of the 90’s up to the early 00’s, something that we hadn’t seen in a while as the majority of sales was mainly focusing on modern tonnage up until recently. It is mainly ships of 40,000dwt and above that are enjoying this renewed interest for older tonnage and as a result the values of these vessels have also firmed despite the fact that scrap prices offered today are $20/ldt lower than what they were a few weeks ago.
To put things in perspective, a 2000 built Handymax with SS/DD passed was sold at around USD2.9m sometime in the beginning of March and a similar ship today could easily fetch USD3.5m or more, which translates to a 21% increase. Another positive sign that comes to reinforce this reserved optimism of late is that during the past few months the number of ships sold for scrap has been particularly firm while at the same time newbuilding activity remains almost non-existent. Despite the fact that earnings have still a long way to go before reaching levels at which owners can feel less challenged, the reality is that all the developments above are displaying clearly that the market is moving towards more balanced fundamentals as the size of the size fleet is slowly getting “under control”. Given of course that global growth and consequently trade growth still face numerous challenges, it is imperative that we see more scrapping activity for longer before things balance out.
Let’s hope that the reserved optimism in the dry bulk market is not exaggerated and that the market manages to move to healthier and more viable levels sooner rather than later.
By George Iliopoulos
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
Monday, 20 June 16
THE BDI HAS FELL 23 POINTS WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined this past week. The BDI was fell 3.77 percent fr ...
Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in ...
Friday, 17 June 16
KOMIPO INVITES BIDS FOR BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Friday, 17 June 16
U.S WEEKLY COAL PRODUCTION UP 7.7% - EIA
COALspot.com – U.S., the world’s one of the largest coal producer has produced approximately totalled an estimated 12.9 million short t ...
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- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
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