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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, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
Wednesday, 17 February 16
THE OWNERS FACING HISTORICAL LOW DRY BULK RATES; COAL IMPORTS TO CHINA IS STILL POINTING TO A STRONG TREND OF DECLINING CONSUMPTION
The sharp fall in dry bulk rates that has been taking place since the end of last year and has left owners facing historical low rates for a substa ...
Monday, 15 February 16
CALL THE DOCTOR! SHIPPING'S MEDICAL DRAMA UNFOLDS......- CLARKSONS
The recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities. Many of the key shipping markets ...
Monday, 15 February 16
CS 42 COAL INDEX ROSE 0.07% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.15 percent week over week to averaging $38.96 per ton on this past Friday, ...
Monday, 15 February 16
BALTIC INDEX MARGINALLY ROSE BY A POINT D-D; CAPESIZE INDEX DOWN 13 POINTS W-W; PANAMAX INDEX UP 29 POINTS W-W
COALspot.com: The freight markets continued to fall this past week.
The BDI, The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measu ...
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- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Minerals Council of Australia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
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