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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, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
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