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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.
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Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
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Showing 2541 to 2545 news of total 6871 |
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- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- The University of Queensland
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Independent Power Producers Association of India
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