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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, 10 February 16
OWNERS APPEAR WILLING TO DISPOSE OF TONNAGE THE SOONEST IT HITS THE 10 YEAR MARK - TIMOS PAPADIMITRIOU
COALspot.com: The last two months of 2015 made a case for traditional shipowners to invest in the dry bulk sector, doing so though based purely on ...
Monday, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
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- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
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