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