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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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Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
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- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
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