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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, 12 February 16
DRY BULK MARKET'S FORTUNES STILL TIED WITH CHINA'S ECONOMY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The inevitable slowdown of the Chinese economy was expected to hurt dry bulk shipping, but few expected the blow to be this hard, especially given ...
Friday, 12 February 16
COAL PRICES ARE EXPECTED TO DECLINE 13% IN 2016 TO $50 ATON, ON CONTINUED WEAK DEMAND AND OVERSUPPLY - WORLD BANK
COALspot.com: Thermal coal prices fell 9 percent in the fourth quarter on continued weak demand, high stocks, and surplus production, World Bank sa ...
Friday, 12 February 16
U.S. COAL PRODUCTION OFF 5.4% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.9 million shor ...
Thursday, 11 February 16
GLOBAL NEWBUILDING ORDERBOOK IS SHRINKING ON A DAILY BASIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2016 has started right where 2015 left off when it comes to newbuilding ordering activity, i.e. there are slim pickings to be had from shipyards ar ...
Wednesday, 10 February 16
SOUTH AFRICA IS HOPING TO SHIP MORE COAL TO INDIA IN 2016
COALspot.com: South Africa is hoping to boost coal exports to India after shipping a record 75.4 million tonnes of coal in 2015, industry officials ...
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- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
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