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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, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
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- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- White Energy Company Limited
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
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