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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
Friday, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
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- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- White Energy Company Limited
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