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Wednesday, 11 November 15
VESSEL VALUES ARE DOWN BY AT LEAST 20% SINCE MID-AUGUST - INTERMODAL
 I had promised not to spend another broker’s insight focusing on the dry bulk side. However, the sale of the M/V Churchill Bulker (179,362 dwt, blt ‘11 HHI) to Diana for approximately $28.4m, brought us face to face with the harsh reality once again; values are down by at least 20% since mid-August.
What I found extremely interesting is a new rhetoric which is being created by seasoned professionals that, 7 years after the Lehman collapse, this is the first time we are experiencing a proper shipping crisis. Now that the dust from the financial crisis has settled, capital markets are showing resistance to worldwide political turbulence and financial institutions are nearing the end of their challenge named Basel III, our industry has no alibi in still blaming China or other developing economies for not continuing to outperform expectations. The pundits that still maintain their memories from the 80’s fresh are having a strong “Deja-vu” driven by an enormous order book. Low scrapping activity in 2H 2015 -when compared to current freight rates and pending regulatory reforms further underlines the issue.
But this is all known and extensively documented. Too much ink has been wasted in analyzing, if not dramatizing, the market situation across all sizes. Things are bleak but repeating it doesn’t help solve the problem. There must be a reaction trigger point and when it comes to asset values, that point should be connected to the replacement cost compare to the value of an existing asset; i.e. the moment that buying a modern vessel is a no-brainer because building a new one is uneconomical in every which way you look at it…
The same players recalled that during the bleakest of times, one could purchase a 5yr old vessel for 35-40% of its NB price. No matter how shocking that statement sounds, reading through the new format of our research team’s monthly report, one can easily realize we are not far off that reaction point. As Tier III regulations are applied on every contract being negotiated henceforth, we expect to see at least a 6 month period where even the keenest buyers will follow a “wait and see” tactic towards the new technologies, engines, etc. and NB cost will increase by almost 10% which will shift the curve to levels witnessed almost 30 years ago.
What happened back then?
Well, last time we saw such a discrepancy in NB costs compare to 5yr old values, there was significant disinvestment in NB’s over a prolonged period, which was further intensified by higher scrap volumes and the gradual implementation of a series of regulations, which raised the cost of maintenance and drove even more vessels out of the market.
Does it ring any bells?
By George Dermatis
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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.
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Friday, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
Friday, 18 March 16
DRY BULK MARKET HAS LITTLE TO LOOK FORWARD TO FROM CHINA AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s rebound is long overdue, but when it comes, it won’t be because of China’s strong demand for commodities, o ...
Friday, 18 March 16
COAL PRODUCTION IN THE UNITED STATES SLIGHTLY DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.5 million shor ...
Thursday, 17 March 16
THE PANAMAX MARKET SEEMS TO BE A BIT TOPPISH THIS WEEK - FEARNLEYS
Cape
There are challenging days with rates or less unchanged from last week; West Australia to China still below US$ 3 pmt, and Tuarao to China i ...
Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen mo ...
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Showing 2516 to 2520 news of total 6871 |
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- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Australian Coal Association
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
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