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