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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, 05 January 16
4200 GAR COAL INDEX FALL TOWARD $27;SLIPPED 28.05% YEAR-TO-DATE
COALspot.com: Average 5000 GAR coal index has not moved in the past week, averaging $40.12 per ton on last Thursday, according to CS (i) Coal Index ...
Monday, 04 January 16
CFR SOUTH CHINA COAL SWAP REMAIN FLAT OVER CHRISTMAS & NEW YEAR HOLIDAYS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Friday, 01 January 16
FOB INDONESIA COAL SWAP FOR Q1'16 DELIVERY CLOSED AT $36.75 PER TON
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month but flat week over week.
According to AsiaClear OTC coal swap' ...
Thursday, 31 December 15
COAL PRICES FELL ON WEAK DEMAND
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 ...
Thursday, 31 December 15
2016 FOB NEWCASTLE COAL SWAP RALLY TO CLOSE AT $37.98/TON
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.48 per ton (4.05%) this past week compared to the sam ...
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- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
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