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Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
 Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year lead times and oil and commodity prices falling globally, owners have been left in precarious waters. Many did not anticipate the crash of commodities followed by oil falling to new lows (spot Brent at $45 a barrel) making it even more difficult to service either debt on existing vessels and associated dry dock fees, or to actually take ownership of their new vessels. As such, there is too much old tonnage on the waters floating around that warrant maintenance and work, compounded with many unclaimed new vessels awaiting transfer of ownership.
Banks have long held out on calling in such debts and preferred to explore restructured payment terms. This was evident with major banks who have inadvertently falsely propped up the Panamax market and slightly smaller bulk carrier vessels by extending finance terms rather than facing negative equity and repossessing the vessel.
Regretfully many of these decisions simply delayed the inevitable and by the time arrests or repossessions took place, the market had fallen even further. In the last 6 months alone, leading African auction house Clear Asset who specialize in commercial maritime and mining assets, have disposed of 4 such carriers. The vessels ranged in size from 7,000 tons up to 80,000 gross tons.
Comments Clear Asset MD Ariella Kuper, “It has been interesting to see that despite a depressed market the bidding has proven extremely strong, with parties from as far as Greece, Cyprus, Abu Dhabi, UK, Liberia, West Africa and Singapore bidding competitively. The auction sale of two recent ships, the mv Sadan K and mv Zeyenp K, both 80,000 GRT, achieved $1 million above reserve for each. A smaller 8,400 GRT, the mv Giuliana with 7,222 max draft, achieved $1.65 million which was $250,000 above reserve.”
South Africa has become a global player for arrested vessels and is attracting strong bidding appetite from abroad. The prices being paid are based on free market demand and supply, and with competitive bidding it is a fair indication of the value that the market places. What is strong to witness is the new players entering the ship trading game, who are in a financial position to settle payment within 5 days votes toets.
Adds Kuper, “Out of adversity comes opportunity for a new generation of maritime players to enter the game with a more sophisticated 21st century understating of prevailing market conditions.’’
Source: Clear Asset | Hellenic Shipping News
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Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
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- Rashtriya Ispat Nigam Limited - India
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- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
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- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
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- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
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- Dalmia Cement Bharat India
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- Chamber of Mines of South Africa
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- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Sindya Power Generating Company Private Ltd
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- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- GMR Energy Limited - India
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- AsiaOL BioFuels Corp., Philippines
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- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
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- MS Steel International - UAE
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
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- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
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- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Singapore Mercantile Exchange
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- Parliament of New Zealand
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- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
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- Merrill Lynch Commodities Europe
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- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
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- Bukit Makmur.PT - Indonesia
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- The University of Queensland
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- Edison Trading Spa - Italy
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