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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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Wednesday, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
Wednesday, 17 February 16
THE OWNERS FACING HISTORICAL LOW DRY BULK RATES; COAL IMPORTS TO CHINA IS STILL POINTING TO A STRONG TREND OF DECLINING CONSUMPTION
The sharp fall in dry bulk rates that has been taking place since the end of last year and has left owners facing historical low rates for a substa ...
Monday, 15 February 16
CALL THE DOCTOR! SHIPPING'S MEDICAL DRAMA UNFOLDS......- CLARKSONS
The recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities. Many of the key shipping markets ...
Monday, 15 February 16
CS 42 COAL INDEX ROSE 0.07% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.15 percent week over week to averaging $38.96 per ton on this past Friday, ...
Monday, 15 February 16
BALTIC INDEX MARGINALLY ROSE BY A POINT D-D; CAPESIZE INDEX DOWN 13 POINTS W-W; PANAMAX INDEX UP 29 POINTS W-W
COALspot.com: The freight markets continued to fall this past week.
The BDI, The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measu ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Planning Commission, India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Australian Coal Association
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
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