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Wednesday, 25 May 16
DRY BULK SNP MARKET DISPLAYS SIGNS OF STRENGTH - GEORGE ILIOPOULOS
 Only a couple of weeks away from the world’s most prominent maritime event, the market for tankers displays an evident lack of confidence in regards to future prospects, hence buying interest remains particularly reserved. The number of inspections that takes place at the moment is fairly limited, while comparing recent sales of VLCC tonnage to similar sales that took place towards the end of last year, we see that prices are roughly 15% down. With the exception of a few specific deals involving VLCC and Suezmax tonnage, buying interest over in the tanker sector mostly focuses on MR vessels, particularly those units controlled by financiers, while except from the lack of confidence, another major issue that weighs down on SnP activity is the big gap between price levels offered by Buyers and those that are accepted by the Sellers.
Moving on to the demolition market, prices here are also pointing down. At the same time, demo buyers are also becoming more and more reserved in their bids, while despite the fact that prices offered at the moment are without a doubt improved compared to the $220/ldt levels that the market witnessed back in February, we believe that the stability can only be achieved after budget announcements, scheduled in June, take place.
At the same time, the dry bulk SnP market displays signs of strength, with buying interest focusing mainly on Supramax and Kamsarmax tonnage built during the last decade. A representative example of this recent momentum in the market is the M/V UNITED TREASURE (82kdwt blt 06 Japan), which was inspected by more or less fifteen (!) buyers. The healthier freight market, combined with improved psychology and of course the aforementioned firming appetite by Buyers, have provided support to asset prices for vessels close to 10 years of age. We calculate this increase in the region of 15%-20% compared to price ideas for similar vessels back in the beginning of the spring season.
Similarly, buyers are also looking with increased interest tonnage built around the end of the 90’s up to the early 00’s, something that we hadn’t seen in a while as the majority of sales was mainly focusing on modern tonnage up until recently. It is mainly ships of 40,000dwt and above that are enjoying this renewed interest for older tonnage and as a result the values of these vessels have also firmed despite the fact that scrap prices offered today are $20/ldt lower than what they were a few weeks ago.
To put things in perspective, a 2000 built Handymax with SS/DD passed was sold at around USD2.9m sometime in the beginning of March and a similar ship today could easily fetch USD3.5m or more, which translates to a 21% increase. Another positive sign that comes to reinforce this reserved optimism of late is that during the past few months the number of ships sold for scrap has been particularly firm while at the same time newbuilding activity remains almost non-existent. Despite the fact that earnings have still a long way to go before reaching levels at which owners can feel less challenged, the reality is that all the developments above are displaying clearly that the market is moving towards more balanced fundamentals as the size of the size fleet is slowly getting “under control”. Given of course that global growth and consequently trade growth still face numerous challenges, it is imperative that we see more scrapping activity for longer before things balance out.
Let’s hope that the reserved optimism in the dry bulk market is not exaggerated and that the market manages to move to healthier and more viable levels sooner rather than later.
By George Iliopoulos
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
Monday, 20 June 16
THE BDI HAS FELL 23 POINTS WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined this past week. The BDI was fell 3.77 percent fr ...
Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in ...
Friday, 17 June 16
KOMIPO INVITES BIDS FOR BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Friday, 17 June 16
U.S WEEKLY COAL PRODUCTION UP 7.7% - EIA
COALspot.com – U.S., the world’s one of the largest coal producer has produced approximately totalled an estimated 12.9 million short t ...
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- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- PTC India Limited - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- The University of Queensland
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
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