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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.
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Tuesday, 15 March 16
PORT OF NEWCASTLE SHIPPED 12.78 MMT OF COAL IN FEBRUARY 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped AU$1,110.5 mi ...
Tuesday, 15 March 16
ADARO ENERGY LOWERED ITS COAL CASH COST BY 16% TO US$ 27.98 PER TONE IN 2015
Difficult Coal Market Condition Persists in 2015, Adaro Lowers Costs, Reduces Capital Spending and Maintains Solid Liquidity.
PT Adaro E ...
Monday, 14 March 16
THE CS 50 INDEX ROSE $0.16 OR, 0.41% TO $38.82 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.41 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 14 March 16
THE BALTIC EXCHANGE CONTINUED TO ROSE THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rise this week helped by higher rates for pa ...
Saturday, 12 March 16
PLN, COAL COMPANIES IN TALKS ABOUT PRICES - THE JAKARTA POST
Following a study that predicted that Indonesia would struggle to provide coal for its power stations in the near future, the government will facil ...
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- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Economic Council, Georgia
- White Energy Company Limited
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- The University of Queensland
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
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