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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
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