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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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Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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