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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, 30 December 15
FINAL DEALS OF THE YEAR TAKING PLACE, AS SHIP OWNERS PREPARE FOR 2016 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Holidays’ investment lull has taken a grip over the newbuilding and S&P market for second hand vessels, as shipbrokers are reporting ...
Tuesday, 29 December 15
CFR SOUTH CHINA COAL SWAPS ROSE MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Monday, 28 December 15
Q2' 15 U.S. STEAM COAL EXPORTS TOTALED 7.0 MMST; DOWN 16.9% FROM Q1 2015 - EIA
COALspot.com: U.S. coal production during second quarter 2015 totaled 211.1 million short tons.
According to EIA’s preliminary quarterly ...
Monday, 28 December 15
NOVEMBER NEWCASTLE COAL EXPORTS DECLINED 11.87%; THE AVERAGE PRICE OF COAL EXPORTS ROSE 1.37%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.120 billio ...
Saturday, 26 December 15
FOB INDONESIA COAL SWAPS KEEP DROPPING
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week.
According to AsiaClear OTC coal swap's rep ...
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- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
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