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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, 25 December 15
WEEKLY US COAL PRODUCTION ESTIMATES DIP 8.5%
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 14.7 million shor ...
Thursday, 24 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SHED US$ 0.60 PER TON OVER WEEK, AND STANDS AT US$ 43.25 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Thursday, 24 December 15
GLOBAL MARINE FUEL REGULATIONS COULD SHOCK REFINING AND OIL MARKETS - OPEC | HELLENIC SHIPPING NEWS
IMO regulations call for global standards for sulphur content in marine fuel to be tightened to 0.5% from its present 3.5%. There is uncertainty ov ...
Thursday, 24 December 15
DRY BULKERS' VALUES ARE PLUNGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk carriers’ values are falling across the board, as the fall of freight rates is taking its toll, as is to be expected. In fact, accor ...
Wednesday, 23 December 15
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
As we are heading towards the end of the year we could argue that most of those involved in the shipping industry share mixed feelings for 2015. Th ...
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- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- The University of Queensland
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- PTC India Limited - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
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