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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, 28 January 16
RICHARDS BAY COAL SWAPS FOR Q1,Q2 AND Q3 DELIVERIES FIRM THIS PAST WEEK
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap rose month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coa ...
Wednesday, 27 January 16
API 5 FOB NEWCASTLE COAL SWAPS CLOSE MIXED
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.17 per ton (3.13%) this past week compared to the sam ...
Wednesday, 27 January 16
CHINA'S STALLING ECONOMY HAS HAD A GREAT EFFECT ON VARIOUS COMMODITIES; DECREASED DEMAND DRIVING COMMODITY PRICES LOWER AND LOWER - LINOS ALEXANDROS KOGEVINAS
Having gone through the first few weeks of 2016, it’s starting to look like another challenging year is ahead of us. Hopes for a recovery in ...
Wednesday, 27 January 16
WORLD HARD COAL PRODUCTION AND CONSUMPTION DECLINE IN 2015 FOR THE FIRST TIME IN OVER A DECADE - VDKI
COALspot.com: Seaborne hard coal trade and the changes in this area were decisively affected by China and India - VDKi.
China bears the g ...
Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
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Showing 2586 to 2590 news of total 6871 |
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- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
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