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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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Friday, 18 December 15
CHINA GROWTH SHOCK TO HIT ENERGY, SHIPPING, STEEL MOST - FITCH
Energy, shipping and steel would be the hardest-hit sectors in Asia-Pacific (APAC) in the event of a sharp slowdown in Chinese growth, says Fitch R ...
Friday, 18 December 15
WEEKLY U.S. COAL PRODUCTION REMAINS FLAT ACROSS ALL BASINS
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 17 December 15
THE LOW DEMAND AND EXCESS COAL OUTPUT, KEEP THE FOB INDONESIA COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q1 2016 rose month on month and decline slightly week over week. For the week ended December 11, 20 ...
Thursday, 17 December 15
GLADSTONE PORT COAL RECORD LOOMING, EXPORTS UP 12% - GLADSTONE OBSERVER
COAL exports from Gladstone's port have taken a leap, with more than seven million tonnes leaving the wharves in November.
That increase i ...
Wednesday, 16 December 15
FOB RICHARDS BAY COAL SWAP SLUMP 5.5% FROM LAST MONTH
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 decline month over month and week over week.
The Q1’ 2016 &nbs ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- The University of Queensland
- Planning Commission, India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
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