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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, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
Friday, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
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- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
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