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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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Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
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- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- The University of Queensland
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- MS Steel International - UAE
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