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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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Monday, 30 November 15
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
ASSOCARBONI is in favour of an international mechanism to provide financial support to countries building high efficiency low emission coal plants. ...
Monday, 30 November 15
CS 5000 GAR COAL INDEX FIRM D-O-D; WEAK W-O-W
COALspot.com: The 5000 GAR CS (i) coal index up slightly day over day.
According to the system generated index, the CS 50 (5000 GAR coal) was ...
Monday, 30 November 15
CFR SOUTH CHINA COAL SWAPS REMAINED UNCHANGED FROM LAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.50 (9.78%) per ton month over month.
A commodity swap ...
Sunday, 29 November 15
CAPE INDEX SURGES 383 POINTS WEEK OVER WEEK, BOOSTS BALTIC DRY INDEX
COALspot.com: The Baltic Dry Index, a measure of shipping rates, fell to 498 points on 20 November and touched a 30-year low, but on 27 November th ...
Friday, 27 November 15
INDONESIA COAL SWAPS: WEEK ENDING 20 NOVEMBER CLOSED HIGHER COMPARED TO THE PREVIOUS WEEK
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and up on week over week. Coal prices seen slight improvements thi ...
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- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- The University of Queensland
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
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