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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, 19 January 16
HAPPY NEW YEAR, COAL PRODUCERS! OR MAYBE NOT - ANDY ROBERTS
To coal producers, 2015 must have seemed far longer than 365 days. From their perspective, as bad as markets were at the beginning of the year, and ...
Tuesday, 19 January 16
COALTRANS ASIA IS RETURNING TO BALI
22nd Coaltrans Asia
Coaltrans Asia is returning to Bali to bring together over 1000 industry decision makers and thought leaders for three day ...
Monday, 18 January 16
INDONESIAN 5700 GAR COAL INDEX ROSE 0.60% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline slightly week over week to averaging $39.93 per ton on this past Friday, acc ...
Monday, 18 January 16
BALTIC DRY SHIPPING INDEX DROPS TO 373 POINTS; DECLINE 13% WEEK OVER WEEK
COALspot.com: The freight market dropped this week as the BDI declined further 13 percent to 373 points week over week. The Cape index ...
Monday, 18 January 16
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 42.50 PER TON; UP 1% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.43 (1.02%) per ton month over month.
A commodity swap is ...
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- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Economic Council, Georgia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
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