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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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Thursday, 10 December 15
FOB RICHARDS BAY COAL Q3' 16 DELIVERY SWAP WAS CLOSED 7.27% PER TON LOWER COMPARED TO AVERAGE Q1' 16 DELIVERY PRICE
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 decline month over month and week over week.
The Q1’ 2016 &nbs ...
Wednesday, 09 December 15
U.S. COAL EXPORTS DECLINE IN 2015 DUE TO SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES - EIA
COALspot.com: The slower growth in world coal demand and lower international coal prices have contributed to a decline in U.S. coal exports in 2015 ...
Wednesday, 09 December 15
DRY BULK EXPERIENCES THE PERFECT STORM - PANOS TSILINGIRIS
Dry bulk experiences the perfect storm as the slowing of demand predominantly because of China sat atop the exaggerated oversupply. The BDI broke t ...
Tuesday, 08 December 15
OPEC'S DECISION BODES WELL FOR THE TANKER MARKET: STRONG MIDDLE EAST CRUDE EXPORTS WILL CONTINUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
OPEC’s latest decision to keep up oil production is seen by shipbrokers as a further boost for the tanker market. At the end of last year OPE ...
Tuesday, 08 December 15
Q1' 16 API 5 FOB NEWCASTLE COAL SWAP CLOSED AT $ 36.73 A TON; 1.73% HIGHER COMPARED TO Q3' 16 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $1.47 per ton (3.85%) month over month to US$ 36.73 per ton. The swap ...
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- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
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