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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, 02 May 16
INDIA'S GANGAVARAM PORT SETS ALL INDIA RECORD FOR NON-COKING COAL DISCHARGE
COALspot.com: Gangavaram Port, the deepest and the most modern port in India, has created yet another historical milestone record by discharging 15 ...
Monday, 02 May 16
CS (I) 5000 GAR COAL INDEX CLOSES 0.11% HIGHER, 5700 GAR COAL RISES 0.07% W/W
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.28 percent week over week to averaging $38.78 per ton on this past Friday, acco ...
Monday, 02 May 16
FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Saturday, 30 April 16
40 YEARS OF HANDLING COAL AT THE BTW IN WILHELMSHAVEN UNDER THE RHENUS FLAG
Press Release: The first bulk carrier with coal on board docked at the Bulk Terminal Wilhelmshaven (BTW), which is operated by Rhenus Midgar ...
Friday, 29 April 16
U.S. COAL IMPORTS IN Q4' 15 DECLINED TO 2.7 MMST FROM 3 MMST IN Q3' 15
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.3 million short tons (mm ...
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- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
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