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