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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
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