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Wednesday, 10 February 16
OWNERS APPEAR WILLING TO DISPOSE OF TONNAGE THE SOONEST IT HITS THE 10 YEAR MARK - TIMOS PAPADIMITRIOU
 COALspot.com: The last two months of 2015 made a case for traditional shipowners to invest in the dry bulk sector, doing so though based purely on asset prices and not on market conditions. Today, three months later and with fewer vessels in the market, buying appetite seems to be subdued but not extinguished.
We are witnessing buyers still willing to inspect and offer on modern vessels, while once more we witness strong preference to Japanese built tonnage. Market expectations may not have changed dramatically when compared to three months ago, but what appears to be different today is that shipowners are letting the sour feeling to finally sink in.
As these lines are written the festivities for the Chinese New Year are taking place and are bound to depress the market even more. A couple months down the line, the closing of the Japanese fiscal year coupled with all the scheduled deliveries, are expected to also help shape the dry bulk asset scene for the rest of the year.
Although it seems that the perfect storm is brewing in the dry sector, the future holds surprises and if there is one thing we‘ve learnt from market cycles, it’s that things don't always go as expected. For now we can only wait and hope that the Monkey – 2016 being its year - will give its blessing.
At the same time, moving on to tankers, the picture is rather blurry and unclear. It seems that the market is waiting for some sort of downward correction to take place, although the wishful thinking that earnings will stay at healthy levels is unsurprisingly in the mind of all market participants. As there is too much analysis and many predictions out there for oil prices as well as the effect that Iranian production entering the global stage will have, I will only focus on current assets prices.
The asset market is flooded with ships. Piles of MR, AFRAs and VLCCs are being stacked, ranging mostly from early to mid-2000. On average and at any given time there are more than 40 vessels for sale on every segment with Korean built tonnage dominating the lot.
Owners appear willing to dispose of tonnage the soonest it hits the 10 year mark. These ships still make money to their owners and even though they put the “for sale” sign on them, they don't seem to be willing to part ways easily. The average price a Seller is asking for a 10 year old MR1 built in Korea is around USD 18 million. To put things into prospective, one can buy 2 x Japanese Kamsarmaxes, a year younger, and be left with more than 3 million to burn on subsidizing them for the next couple of years. Of course the MR is making money compared to the Kamsarmaxes that are currently bleeding cash. Nonetheless this just sums up the contradiction.
Some might say that the current picture of the tanker market is rather similar to the picture of the Bulk Carrier market back in 2006 when the market had been rising for more than two years and in everybody's mind a decline was due. Again many rushed to sell. The rest is history.
Don't get me wrong, I am not trying to argue anything. The point is to remotely try and make sense of what is going on. History repeats its self but this is not always the case. One thing is certain though and this is that history has a strange sense of humor. In 2016 players will have to find the silver lining between a cheap investment and a cash flow that allows you to survive.
By Timos Papadimitriou
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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Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
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Showing 2541 to 2545 news of total 6871 |
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- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
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