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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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Tuesday, 08 December 15
HOW TO MITIGATE LEGAL RISKS WHEN PURCHASING BUNKERS - LESSONS LEARNED FROM THE OW BUNKER COLLAPSE - THE SWEDISH CLUB
KNOWLEDGE TO ELEVATE
About a year has passed since OW Bunker & Trading A/S filed for bankruptcy. The collapse shows that there are signifi ...
Monday, 07 December 15
5000 GAR CS (I) COAL INDEX REMAIN THE SAME OVER LAST WEEK
COALspot.com: The 5000 GAR CS (i) coal index remain the same over last week.
According to the CS (i) coal (system generated) index, the CS 50 ...
Monday, 07 December 15
COAL DEMAND IN 2016 FAILS TO SUPPORT PRICES; CFR SOUTH CHINA COAL SWAPS SEEN AT $US 42 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 1.70 (3.88%) per ton month over month.
A commodity swap ...
Sunday, 06 December 15
THE BDI DECLINED BY 3.09 PERCENT TO 563 POINTS ON 4 DECEMBER
COALspot.com: The BDI declined by 3.09 percent to 563 points on 4 December 2015.
The Cape index was also declined by 10.01 percent to 890 poin ...
Sunday, 06 December 15
DRY BULK MARKET ON REVERSE MODE, SET TO BREAK NEW ALL-TIME LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been the negative “star” of the shipping industry for quite some time. In fact if it wasn’t for the boomi ...
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- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
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