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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, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
Friday, 27 May 16
PET-COKE IMPORTS TO FACE PRESSURE IN INDIA
COALspot.com: An Indian environmental activist moved the National Green Tribunal seeking ban on the use of all forms of petroleum coke, also called ...
Friday, 27 May 16
US COAL PRODUCTION ROSE 2.9% WOW, ACCORDING TO EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.7 million short tons (mm ...
Thursday, 26 May 16
GIANT ORE CARRIERS SET TO PLAY A BIGGER ROLE IN THE GLOBAL SHIPPING FLEET: CHINA EMBRACES VALEMAXES - RICHARD SCOTT
Another phase of the giant ships era is approaching. Chinese shipowners placed orders recently for 30 huge ‘valemax’ ore carriers. Thes ...
Wednesday, 25 May 16
MEDIATION AS A WAY TO RESOLVE DISPUTES IN THE SHIPPING INDUSTRY - LANA JACOBS
KNOWLEDGE TO ELEVATE
The shipping market is currently experiencing a serious recession with the Baltic Dry Index and Baltic Capesize Index bot ...
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- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
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