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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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Saturday, 09 January 16
BALTIC DRY INDEX SINKS 10% WEEK OVER WEEK TO AN ALL-TIME LOW OF 429 POINTS
COALspot.com: The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, decline around 10% we ...
Friday, 08 January 16
FOB INDONESIA COAL SWAP FOR DELIVERY H1'16 REMAIN FLAT AS DEMAND DROPS OFF
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month, flat week over week. The price for coal has been in a Dull Market sinc ...
Friday, 08 January 16
FOB RICHARDS BAY COAL SWAP FOR Q2'16 DELIVERY CLOSED UP $0.13 AT $45.50 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Friday, 08 January 16
WEEKLY US COAL PRODUCTION DECLINES 1.6% TO 11.7 MMST, SAYS EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.7million short ...
Friday, 08 January 16
DRY BULK MARKET'S CRISIS DEEPENS AS RATES ARE DROPPING TO NEW RECORD LOWS BY THE DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Just when you would think that the dry bulk market is reaching its bottom, even as it has long surpassed all-time lows, each day that passes by at ...
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- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Australian Coal Association
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
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