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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, 16 December 15
MARKET INSIGHT - KATERINA RESTIS
On Friday 4th of December the meeting of OPEC was held in Vienna, Austria. Since its last meeting, oil and product stock levels have continued to r ...
Tuesday, 15 December 15
THE GOVERNMENT DECLARED THERMAL COAL BENCHMARK PRICE CRASHING ONCE AGAIN
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price down to below 2009 level. HBA has slumped by 1.69% mo ...
Tuesday, 15 December 15
API 5 FOB NEWCASTLE COAL SWAP FIRM W-W; WEAK M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $.13 per ton (0.35%) month over month to US$ 37.07 per ton. The swap w ...
Monday, 14 December 15
5000 GAR CS (I) COAL INDEX DECLINE US$ 0.04 PER TON W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.04 per ton (-0.10 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 14 December 15
CFR SOUTH CHINA COAL SWAP IS STILL SLIDING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 0.93(2.18%) per ton month over month.
A commodity swap ...
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- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
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