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