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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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Monday, 07 March 16
INDONESIAN 5700 GAR COAL INDEX DECLINE $0.05 A TON WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.28 percent week over week to averaging $38.66 per ton on this past Friday, ...
Monday, 07 March 16
FREIGHT MARKET MOVING POSITIVE; ALL SEGMENTS EXCEPT CAPE SHOWING A FIRM TREND
COALspot.com: The freight market was steady this past week and showing a firm trend for all segments except for Cape index.
The Baltic Dry Ind ...
Friday, 04 March 16
GLOBAL ECONOMY'S JITTERS ARE SLOWING DOWN SHIPPING EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The global economy’s shaky condition to say the least is now hampering growth and as a result demand for shipping is slowing down, something ...
Friday, 04 March 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 109.3 MMST; 30.2% LOWER THAN THE COMPARABLE YEAR-TO-DATE COAL PRODUCTION IN 2015 - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 million shor ...
Thursday, 03 March 16
INDIA'S BUDGET NOT ENOUGH TO BOOST STEELMAKERS' PROFITABILITY - FITCH RATINGS
COALspot.com: Fitch Ratings says that increase in proposed infrastructure spending in India's latest government budget is unlikely to provide a ...
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- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
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