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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, 30 December 15
FINAL DEALS OF THE YEAR TAKING PLACE, AS SHIP OWNERS PREPARE FOR 2016 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Holidays’ investment lull has taken a grip over the newbuilding and S&P market for second hand vessels, as shipbrokers are reporting ...
Tuesday, 29 December 15
CFR SOUTH CHINA COAL SWAPS ROSE MONTH OVER MONTH
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 ...
Monday, 28 December 15
Q2' 15 U.S. STEAM COAL EXPORTS TOTALED 7.0 MMST; DOWN 16.9% FROM Q1 2015 - EIA
COALspot.com: U.S. coal production during second quarter 2015 totaled 211.1 million short tons.
According to EIA’s preliminary quarterly ...
Monday, 28 December 15
NOVEMBER NEWCASTLE COAL EXPORTS DECLINED 11.87%; THE AVERAGE PRICE OF COAL EXPORTS ROSE 1.37%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.120 billio ...
Saturday, 26 December 15
FOB INDONESIA COAL SWAPS KEEP DROPPING
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week.
According to AsiaClear OTC coal swap's rep ...
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- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
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