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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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Sunday, 06 December 15
DESPITE TEMPTING NEWBUILDING PRICES, CONTRACTING IN DRY BULK REMAINS LOW - BIMCO
The current newbuilding prices for dry bulk ships has dropped so much that they just passed the lows of 2012 heading downwards and are now at the l ...
Friday, 04 December 15
FOB INDONESIA COAL SWAPS ARE ALMOST FLAT OVER WEAK DEMAND
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and rose slightly week over week. Coal prices seen very margi ...
Friday, 04 December 15
COAL PRODUCTION IN THE U.S. FOR W/E NOVEMBER 28TH FELL SLIGHTLY FROM THE PREVIOUS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 15.0 million shor ...
Friday, 04 December 15
MINING OUTLOOK WEAKENS FURTHER ON FALLING CHINESE DEMAND - FITCH
COALspot.com: Fitch Ratings' outlook for the global mining sector in 2016 is firmly negative, reflecting our view that Chinese demand will cont ...
Thursday, 03 December 15
DRY BULK: THERMAL COAL LOWER USAGE UNDER A POTENTIAL NEW CLIMATE DEAL WILL ADVERSELY IMPACT THE MARKET'S RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In direct contrast to the tanker market, the dry bulk one has seen demand for key commodities, such a coal, dwindling down over the course of the p ...
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- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- White Energy Company Limited
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- The University of Queensland
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Posco Energy - South Korea
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