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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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Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Planning Commission, India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
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