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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 market. This is also most probably the reason why despite the significant drop in prices for second hand tonnage, especially for modern assets and for vessels that are above 10 years old, has extended into this year, as limited investor interested is at this stage unable to support asset prices.
The big question that arises in the mind of many market participants is whether prices will remain at their current heavily discounted levels or if they will fall further. Bank financing is expected to have a crucial role in this, pretty much as it did during 2015 when a number of banks exerted pressure on many shipowners to conclude a number of distressed deals with profound implications for the secondhand market and asset prices more specifically. The following two comparable sales is a characteristic example of the magnitude of this exerted pressure on prices; in July 2015, the “GRACE FUTURE” (75k blt ’06, Japan) was sold at about $13.5m and just four months later, the “MARITIME HARESHIO” (75k blt ‘06 Japan), was sold for $8.5m, which represents a hefty 37% drop.
An important factor behind the falling asset prices, besides the poor condition of the freight market that is, is the number of newbuilding vessels expected to hit water in 2016, a substantial part of which was originally scheduled to be delivered during last year. The magnitude of the pressure the additional tonnage that was set to come in service this year would bring on earnings, forced many owners to sell tonnage at low prices during the last part of 2015, being certain that in the beginning of 2016 the situation would only worsen, something that they pretty much seem to have gotten right so far. As hard as it might be to look for silver linings at this stage, the exceptionally slow ordering activity in the Dry Bulk sector is without a doubt a positive development that will definitely help the market in the future. Let’s not forget that one of the factors currently impacting the market severely is in fact the large volume of newbuilding orders placed back in 2013.
Another remarkable fact is that the biggest part of the latest sales, especially in regards to modern tonnage (Cape resales, Ultramaxes, modern Kamsarmaxes etc) comes from listed companies. These sales significantly affect the ‘last dones’ and the market consequently, while at the same time it is extremely difficult for a private company to sell at such a loss its modern vessels. The biggest part of the market “experts” has very low expectations in regards to this year and to be fair macro data in regards to dry bulk commodities is not currently helping towards a more positive view. Nevertheless, in my opinion and as the market is already standing at historical lows, maybe market predictions should aim more on how long this depressed period is going to last and less on the fact that it will indeed be a depressed period, as pretty much everyone has gotten this by now.
This might be the year when prices for Dry Bulk vessels might bottom or not. The “right” time remains perhaps the single most important factor in investing but as this time can be rarely pointed out with precision, all a potential investor can focus on is a comparison between current prices and lows in previous cycles. In this respect, 2016 will be a year of opportunity for shipowners to invest but more specifically those shipowners who have made provisions for at least a few more depressed months ahead.
George Iliopoulos
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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Monday, 18 January 16
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 42.50 PER TON; UP 1% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.43 (1.02%) per ton month over month.
A commodity swap is ...
Friday, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
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- White Energy Company Limited
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Singapore Mercantile Exchange
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
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