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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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- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- PTC India Limited - India
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