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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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Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
Thursday, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
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- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Planning Commission, India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- VISA Power Limited - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
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