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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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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
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 ...
Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
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Showing 2611 to 2615 news of total 6871 |
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- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
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