We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
 In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand growth/patterns, and deflation in asset prices. And how prevalently this deflation has already manifested in newbuilding prices! In real dollar terms, we are currently at historic all-time lows!
In regards to dry bulkers, there is essentially no newbuilding market due to the steep discount of newbuilding resales versus ‘new’ newbuilding contracts. For example, Chinese Cape resales stand at rgn $33m while no yard can quote less than low $40m’s for newbuilding. Newbuilding prices are well into all-time inflation-adjusted lows. For instance, in 1985 at the absolute nominal nadir, Panamax Bulker newbuildings could be contracted at $13.5m which translate at $30.2m today’s dollars. This is low enough for investing because it is substantially below the true cost of creating the underlying asset and the current NB resale prices benchmark a nominal 15-year low vs newbuilding prices, a metric that appears unbeatable for several investments including shipping.
Tanker newbuilding prices are also depressed but at least there is a thin market with several LOIs placed and fewer actual contracts. Interestingly, in nominal terms we are well below the 2012 lows, one of the worst tanker freight years in modern history. This can be attributed to the deteriorating lack of financing and outlook on the segment. Tanker newbuildings will eventually become a buying opportunity since second hand vessel prices have been correcting but not any close to the dry bulk levels (the last is tanker owners’ worst fear).
Shipbuilding prices are moving towards the bottom while will remain low for some time -unless something spectacular occurs in the freight market- due to government subsidies, over-competition, low commodity prices, currencies devaluations, lack of financing and the yards resolution to accept loss-making orders to keep the production line going. On the other hand, the substantial downsizing of shipbuilding overcapacity, the emergence of government-backed NB contracts, certain attempts to cartelize pricing (see, Korea) and regulatory developments constitute major resistance levels.
All in all, the prevailing dry bulk newbuilding resales represent an attractive entry point. The ongoing correction in tanker newbuilding prices, which are already well-below the 2002 crashed prices in real dollars, will eventually lead to excellently timed orders. Hopefully over-ordering this time will be avoided thanks to lack of financing and the recent/ongoing traumas.Chartering (Wet: Stable +/ Dry: Firm +)
With a lot of help from Capes last week, the dry bulk market reached levels last seen back in 2015. The BDI closed today (13/09/2016) at 796 points, down by 8 points compared to yesterday’s levels (12/09/2016) and an increase of 51 points when compared to previous Tuesday’s closing (06/09/2016). Despite the fact that earnings kept witnessing pressure in some cases, activity for the crude carriers remained healthy, fact that will act as a meaningful support in the following days. The BDTI on Monday (12/09/2016) was at 543 points, an increase of 26 points and the BCTI at 402, a decrease of 32 points compared to last Tuesday’s (05/09/2016) levels.
By Panos Tsilingiris
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.
The 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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
Monday, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
|
|
|
Showing 2281 to 2285 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
|
| |
| |
|
