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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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Monday, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
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- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
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