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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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Friday, 22 January 16
WEEKLY US COAL PRODUCTION ESTIMATES ALMOST FLAT
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.3 million shor ...
Friday, 22 January 16
COAL PRICES TO REMAIN UNDER PRESSURE THIS YEAR
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week. The falling trend of prices for coal was continuing ...
Friday, 22 January 16
Q3' 16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 40.80; DECLINE $ 2.80 M-O-M
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and decline week over week.
The Q1’ 2016 FOB Richards B ...
Wednesday, 20 January 16
Q3'16 FOB NEWCASTLE COAL SWAP CLOSED $ 2.40 LESSER THAN Q1'16 CLOSING PRICE OF $ 38.10
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $0.77 per ton (2.06%) this past week compared to the sam ...
Wednesday, 20 January 16
SHIPPING MARKET INSIGHT - NASOS SOULAKIS
If you believe in the “January effect”, the theory according to which the beginning of a new year has a positive effect on financial in ...
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- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
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