We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
 In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand growth/patterns, and deflation in asset prices. And how prevalently this deflation has already manifested in newbuilding prices! In real dollar terms, we are currently at historic all-time lows!
In regards to dry bulkers, there is essentially no newbuilding market due to the steep discount of newbuilding resales versus ‘new’ newbuilding contracts. For example, Chinese Cape resales stand at rgn $33m while no yard can quote less than low $40m’s for newbuilding. Newbuilding prices are well into all-time inflation-adjusted lows. For instance, in 1985 at the absolute nominal nadir, Panamax Bulker newbuildings could be contracted at $13.5m which translate at $30.2m today’s dollars. This is low enough for investing because it is substantially below the true cost of creating the underlying asset and the current NB resale prices benchmark a nominal 15-year low vs newbuilding prices, a metric that appears unbeatable for several investments including shipping.
Tanker newbuilding prices are also depressed but at least there is a thin market with several LOIs placed and fewer actual contracts. Interestingly, in nominal terms we are well below the 2012 lows, one of the worst tanker freight years in modern history. This can be attributed to the deteriorating lack of financing and outlook on the segment. Tanker newbuildings will eventually become a buying opportunity since second hand vessel prices have been correcting but not any close to the dry bulk levels (the last is tanker owners’ worst fear).
Shipbuilding prices are moving towards the bottom while will remain low for some time -unless something spectacular occurs in the freight market- due to government subsidies, over-competition, low commodity prices, currencies devaluations, lack of financing and the yards resolution to accept loss-making orders to keep the production line going. On the other hand, the substantial downsizing of shipbuilding overcapacity, the emergence of government-backed NB contracts, certain attempts to cartelize pricing (see, Korea) and regulatory developments constitute major resistance levels.
All in all, the prevailing dry bulk newbuilding resales represent an attractive entry point. The ongoing correction in tanker newbuilding prices, which are already well-below the 2002 crashed prices in real dollars, will eventually lead to excellently timed orders. Hopefully over-ordering this time will be avoided thanks to lack of financing and the recent/ongoing traumas.Chartering (Wet: Stable +/ Dry: Firm +)
With a lot of help from Capes last week, the dry bulk market reached levels last seen back in 2015. The BDI closed today (13/09/2016) at 796 points, down by 8 points compared to yesterday’s levels (12/09/2016) and an increase of 51 points when compared to previous Tuesday’s closing (06/09/2016). Despite the fact that earnings kept witnessing pressure in some cases, activity for the crude carriers remained healthy, fact that will act as a meaningful support in the following days. The BDTI on Monday (12/09/2016) was at 543 points, an increase of 26 points and the BCTI at 402, a decrease of 32 points compared to last Tuesday’s (05/09/2016) levels.
By Panos Tsilingiris
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
Monday, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
|
|
|
Showing 2281 to 2285 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Planning Commission, India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- The University of Queensland
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
|
| |
| |
|
