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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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- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
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