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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, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
Wednesday, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk m ...
Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable t ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
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Showing 2611 to 2615 news of total 6871 |
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- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
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