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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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Sunday, 13 December 15
THE LOW VESSEL DEMANDS PUSHED DOWN BALTIC DRY INDEX FURTHER DOWN
COALspot.com: The low vessel demand across nearly all vessel sizes pushed the Baltic Exchange’s main sea freight index further down in this F ...
Sunday, 13 December 15
DRY BULK RATES KEEP ON FALLING AS LOW VESSEL DEMAND IS STILL THE NORM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market nowadays is in an endless downward spiral, which as it turns out is unable to recover, at least as long as the current balance ...
Friday, 11 December 15
US COAL PRODUCTION UP 7.7% IN WEEK ENDED DECEMBER 5, 2015
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 10 December 15
LIENING CARGO - WHICH LIEN CLAUSE APPLIES TO THE BILL OF LADING? : WIKBORG REIN | HELLENIC SHIPPING NEWS
KNOWLEDGE TO ELEVATE
In a dry bulk market where a charterer is not paying freight or hire, its counterparty is often left to consider whether ...
Thursday, 10 December 15
CANADIAN MINER TECK ANNOUNCES LNG HAUL TRUCK PILOT PROJECT
Teck Resources Limited is piloting the use of liquefied natural gas (LNG) as a fuel source in six haul trucks at its Fording River steelmakin ...
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- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Planning Commission, India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- MS Steel International - UAE
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