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