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Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
 The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more and more, while marking consecutive all-time lows throughout last week.
Freight rates in the sector are currently so low that fail to cover the vessels’ net OPEX (i.e. without taking into account possible financing). The unprecedented low earnings have been weighing down on prices and it goes without saying that are expected to keep doing so.
Yards focusing on building bulkers currently stand idle, with activity being almost non-existent. In the second hand market the number of vessels available for sale is notably high with plenty of candidates across all ages and potential Sellers considering and accepting in some cases, levels that a few months back they wouldn’t even discuss.
This is without a doubt an adverse reality, but there are nonetheless factors that could help improve the state of the dry bulk market in the medium run.
Lay-ups
All of the above are more or less known to all of us and they don’t need any further analysis as a number of voices have referred to them repeatedly over the past years. Another factor that could accelerate the market’s rebound and has only recently re-appeared in the equation, are lay-ups.
The latter monopolizes discussions as it is perceived as the last resort, bringing back memories from the 80’s crisis. We are currently approaching, if not already there, the point where daily losses will be higher than lay-up costs. Many nonetheless believe that even if we reach a meaningful number of lay-ups during the first months of the year, a possible market rebound, even a small one, during the last two quarters of 2016 will be overshadowed by the number of vessels exiting the lay-up condition amidst an improved market condition. But for an owner to have the incentive to pay all the necessary expenditures (repairs, surveys etc.) to make a vessel operational again, this means that earnings must have returned to levels well above OPEX, which in itself sort of secures a softer negative impact on rates once previously laid-up tonnage re-enters the market.
All of the above represent general trends the exact effect of which is difficult to calculate at the moment, let alone the timing this will kick in. Yet, combined with a possible increase in the supply of cargoes, they might positively affect the overall market sentiment even as soon as during the 2nd half of 2016. Fingers crossed.
Demolition
Until last October, Dry Bulk vessels built before 1995 could not easily find Buyers. Today these vessels, now over 15 years old, have completely ceased to attract any interest. If the market remains depressed, Buyers will even stop looking at vessels above 10yrs old, as differences in price margins between these and even younger vessels is currently very small.
Hence, for those owners who are willing or forced to sell, demolition remains their only option. Despite the fact that prices offered in the Indian subcontinent are currently the lowest in almost 8 years, the number of vessels that are heading for scrap keeps increasing rapidly.
Newbuilding
As mentioned above, demand for newbuildings in the Dry Bulk sector is totally absent. As the amount of deadweight to be delivered starting 2017 onwards becomes meaningless, this will also help the market, but this is obviously an effect that will not be enjoyed until then. Yet, the volume of cancelations, combined with slots that are converted to tankers should at some point help the market reach a healthier supply-demand relationship.
By Konstantinos Kontomichis
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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Friday, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
Friday, 18 March 16
DRY BULK MARKET HAS LITTLE TO LOOK FORWARD TO FROM CHINA AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s rebound is long overdue, but when it comes, it won’t be because of China’s strong demand for commodities, o ...
Friday, 18 March 16
COAL PRODUCTION IN THE UNITED STATES SLIGHTLY DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.5 million shor ...
Thursday, 17 March 16
THE PANAMAX MARKET SEEMS TO BE A BIT TOPPISH THIS WEEK - FEARNLEYS
Cape
There are challenging days with rates or less unchanged from last week; West Australia to China still below US$ 3 pmt, and Tuarao to China i ...
Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen mo ...
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Showing 2516 to 2520 news of total 6871 |
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- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
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