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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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Wednesday, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk m ...
Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable t ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
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Showing 2611 to 2615 news of total 6871 |
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- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- The University of Queensland
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Planning Commission, India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
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