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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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Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
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- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Marubeni Corporation - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
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