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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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Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
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