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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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Wednesday, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
Wednesday, 17 February 16
THE OWNERS FACING HISTORICAL LOW DRY BULK RATES; COAL IMPORTS TO CHINA IS STILL POINTING TO A STRONG TREND OF DECLINING CONSUMPTION
The sharp fall in dry bulk rates that has been taking place since the end of last year and has left owners facing historical low rates for a substa ...
Monday, 15 February 16
CALL THE DOCTOR! SHIPPING'S MEDICAL DRAMA UNFOLDS......- CLARKSONS
The recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities. Many of the key shipping markets ...
Monday, 15 February 16
CS 42 COAL INDEX ROSE 0.07% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.15 percent week over week to averaging $38.96 per ton on this past Friday, ...
Monday, 15 February 16
BALTIC INDEX MARGINALLY ROSE BY A POINT D-D; CAPESIZE INDEX DOWN 13 POINTS W-W; PANAMAX INDEX UP 29 POINTS W-W
COALspot.com: The freight markets continued to fall this past week.
The BDI, The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measu ...
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- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- PTC India Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- The University of Queensland
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
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