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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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Tuesday, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
Monday, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
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- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
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