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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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Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
Thursday, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
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- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- The University of Queensland
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
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