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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, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
Monday, 15 February 16
CALL THE DOCTOR! SHIPPING'S MEDICAL DRAMA UNFOLDS......- CLARKSONS
The recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities. Many of the key shipping markets ...
Monday, 15 February 16
CS 42 COAL INDEX ROSE 0.07% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.15 percent week over week to averaging $38.96 per ton on this past Friday, ...
Monday, 15 February 16
BALTIC INDEX MARGINALLY ROSE BY A POINT D-D; CAPESIZE INDEX DOWN 13 POINTS W-W; PANAMAX INDEX UP 29 POINTS W-W
COALspot.com: The freight markets continued to fall this past week.
The BDI, The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measu ...
Friday, 12 February 16
DRY BULK MARKET'S FORTUNES STILL TIED WITH CHINA'S ECONOMY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The inevitable slowdown of the Chinese economy was expected to hurt dry bulk shipping, but few expected the blow to be this hard, especially given ...
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- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
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