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