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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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Wednesday, 25 November 15
BIG CHINESE COPPER PROCESSORS DEFEND MARGINS THROUGH R&D, SAYS FITCH
Large Chinese copper processors are focusing on higher value-added products and investing in R&D to enhance their technical know-how to maintai ...
Wednesday, 25 November 15
BIMCO LAUNCHES ANTI-CORRUPTION CLAUSE FOR SHIPPING CONTRACTS WORLDWIDE
COALspot.com: BIMCO, is the world’s largest international shipping association, with 2,200 members in around 130 countries, has now launched ...
Wednesday, 25 November 15
TANKER MARKET INSIGHT - GEORGE VASTARDIS
We have already noticed obvious signs of activity mainly West of Suez, which are currently driving the clean MR market to higher levels. Over the p ...
Tuesday, 24 November 15
COAL SUPPLY PRESSURE PUTS INDONESIAN HBA IN FREE FALL
The coal industry is slowly recognizing that, the current coal price level is not a decrease in price, but a change in pricing to corresp ...
Tuesday, 24 November 15
COAL PRICES SET TO REMAIN UNDER PRESSURE UNTIL 2016 DUE TO OVER SUPPLY GLUT; H1 '16 COAL SWAPS DOWN 13% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
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- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
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