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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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Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
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- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
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