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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, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
Friday, 27 May 16
PET-COKE IMPORTS TO FACE PRESSURE IN INDIA
COALspot.com: An Indian environmental activist moved the National Green Tribunal seeking ban on the use of all forms of petroleum coke, also called ...
Friday, 27 May 16
US COAL PRODUCTION ROSE 2.9% WOW, ACCORDING TO EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.7 million short tons (mm ...
Thursday, 26 May 16
GIANT ORE CARRIERS SET TO PLAY A BIGGER ROLE IN THE GLOBAL SHIPPING FLEET: CHINA EMBRACES VALEMAXES - RICHARD SCOTT
Another phase of the giant ships era is approaching. Chinese shipowners placed orders recently for 30 huge ‘valemax’ ore carriers. Thes ...
Wednesday, 25 May 16
MEDIATION AS A WAY TO RESOLVE DISPUTES IN THE SHIPPING INDUSTRY - LANA JACOBS
KNOWLEDGE TO ELEVATE
The shipping market is currently experiencing a serious recession with the Baltic Dry Index and Baltic Capesize Index bot ...
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- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Australian Coal Association
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- White Energy Company Limited
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
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