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Wednesday, 17 February 16
THE OWNERS FACING HISTORICAL LOW DRY BULK RATES; COAL IMPORTS TO CHINA IS STILL POINTING TO A STRONG TREND OF DECLINING CONSUMPTION
 The sharp fall in dry bulk rates that has been taking place since the end of last year and has left owners facing historical low rates for a substantial period of time, has now everyone wondering; how long can it last and what are those developments that could expedite the recovery.
According to our data for vessels above 20,000dwt, 2016 deliveries amount to 887 vessels, a scary number indeed even if one takes into account expected slippage. On the balancing side is of course demolition activity. A little less than 400 vessels were sent for scrap last year, while in the first six weeks of 2016 alone we count 83 demo sales. If scrapping activity for the rest of the year continues at this pace, demolition activity this year will easily top 2015.
Every single market participant is now anxious to see how rates will behave once the Chinese New Year festivities are over. At the same time, fundamentals for the big bulkers, the trade of which is closely tight to China, remain challenging. Chinese iron ore imports, despite reaching record levels, have been unable to help Capesize rates, while coal imports to the country are still pointing to a strong trend of declining consumption.
Lay-ups, an extreme thought not too long ago, have now become an everyday topic amongst owners. We also observe on a weekly basis that the number of 15yrs old vessels available for sale increases, while their owners are now more at ease with the idea of even selling them for scrap. Asset prices have naturally been plunging. Below are some representative example of the sharp fall.
Capesize
The “Nordtramp” - 170k dwt blt 2001 Koyo, Japan was sold last year at $17.1m, while the “Kohyohsan” - 172k dwt blt 2001 NKK, Japan was sold recently at $5.0m. Moreover, this summer we saw the “Churchill Bulker” - 179k dwt blt 2011 Hyundai, S. Korea committed in August at $37.0m, eventually failing and being sold three months later at $28.5m, 23% less. Two weeks ago the “Obelix” 180k dwt blt 2011 Imabari, Japan, was reported sold at $23.5m. Since the beginning of 2016, 22 Capesize vessels have been sold for demo, while 21 have been delivered.
Panamax
The “Thalia” - 75k dwt blt 2001 Hitachi, Japan was sold twelve months ago at $9.5m, while last week the “Cymbeline” - 73k dwt blt 2001, Sumitomo, Japan was sold at $3.3m a decrease of about 65%. The “Unity Pride” - 81k dwt blt 2011 Hyundai, S.Korea was sold at $17.6m back in April 2015. At Christmas we saw the “Archimedes” - 81k dwt blt 2011 Hyundai, S. Korea being sold at $14.5m, failing and coming up for sale once again, with interested parties not willing to offer above $12.0m. Since the beginning of 2016 a number of 33 vessels have been sold for demo, while 30 have been delivered.
It is definitely the “buy low” phase of this cycle. This of course is something that naturally leaves owners striving to survive utterly indifferent at the moment and logically so. But for the more fortunate ones, with cash to support their investment for a reasonable time, the opportunity to renew their fleet is undeniable.
By Giannis Andritsopoulos
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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Friday, 11 March 16
ADANI GLOBAL BAGS 0.26 MILLION TONS OF COAL CONTRACT FROM LANKA COAL COMPANY
COALspot.com: Lanka Coal Company (Private) Limited, Sri Lanka has awarded 260,000 +/- 10% tons of Power plant 6300 GAR calorific value coal to Adan ...
Friday, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...
Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...
Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...
Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015.
Accord ...
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- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- The University of Queensland
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
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