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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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Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk ...
Tuesday, 07 June 16
CS COAL INDEX ROSE FOR SECOND STRAIGHT WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.38 percent week over week to averaging $39.16 per ton this past week, shows ...
Monday, 06 June 16
BDI GAINED ON A STRONGER DEMAND FOR CAPESIZE SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week on a stronger demand for Capesize ves ...
Friday, 03 June 16
DRY BULK VESSEL DELIVERIES COULD BE LESS THAN 50 MILLION DWT IN 2016, AS OWNERS DELAY OR CANCEL NEWBUILDING ORDERS
The dry bulk market has been caught between a rock and a hard place over the course of the past couple of years, as on one hand demand has plunged, ...
Friday, 03 June 16
U.S WEEKLY COAL PRODUCTION SLIDES 1.3% - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.5 million short tons (mm ...
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- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Eastern Energy - Thailand
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
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