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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, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
Monday, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
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- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
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