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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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Saturday, 09 January 16
BALTIC DRY INDEX SINKS 10% WEEK OVER WEEK TO AN ALL-TIME LOW OF 429 POINTS
COALspot.com: The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, decline around 10% we ...
Friday, 08 January 16
FOB INDONESIA COAL SWAP FOR DELIVERY H1'16 REMAIN FLAT AS DEMAND DROPS OFF
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month, flat week over week. The price for coal has been in a Dull Market sinc ...
Friday, 08 January 16
FOB RICHARDS BAY COAL SWAP FOR Q2'16 DELIVERY CLOSED UP $0.13 AT $45.50 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Friday, 08 January 16
WEEKLY US COAL PRODUCTION DECLINES 1.6% TO 11.7 MMST, SAYS EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.7million short ...
Friday, 08 January 16
DRY BULK MARKET'S CRISIS DEEPENS AS RATES ARE DROPPING TO NEW RECORD LOWS BY THE DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Just when you would think that the dry bulk market is reaching its bottom, even as it has long surpassed all-time lows, each day that passes by at ...
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Showing 2616 to 2620 news of total 6871 |
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- Marubeni Corporation - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
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