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Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
 As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started wondering whether they have missed out on the bottoming secondhand prices that the market witnessed during the end of last year and throughout the begging of this one, when the BDI touched its lowest level ever, at 290 points.
Following this rather extended period of low rates, as the spring season kicked off, the steadier demand for dry bulk commodities together with the improvement in owner’s psychology helped the index move above 600 points in April, after more than five months. The improved market sentiment has consequently helped second hand prices firm a bit during the past weeks. The positive momentum the market achieved was also helped by a few developments that started drawing a healthier picture of the fundamentals ahead as a number of owners took steps that will more effectively tackle the tonnage oversupply issue.
From one hand, the intense scrapping that has taken place during this year is certainly pushing things towards the “right” direction. We have seen vessels younger than what is considered the typical scrapping age being sold for demolition. As expected, it was the bigger sizes that experienced the most impressive increase in demolition volumes.
More than 230 bulkers have been sold for scrap this year and while in terms of volumes we are around the same levels when compared to the same period last year, when you look at these volumes in terms of dwt, there is a 2% increase. This means that bigger vessels are being sold for scrap, while in terms of age, the average scrapping age for bulkers has moved from 30 years a couple of years ago to 24 years in 2016 so far.
At the same time, newbuilding activity or the lack thereof has been dramatic. Despite the fact that newbuilding prices are at exceptionally low levels, reflecting both the dire straits the industry has found itself in together of course with the almost non-existent appetite for dry bulk ordering, there seems to be no hope for a spark in ordering for dry tonnage. On top of that, the few orders that are being reported are tight to specific projects.
So despite the historically low rates, long-term fundamentals are slowly improving for the dry bulk market. If high demolition activity continues throughout the second half of the year and slippage this year remains high, we could well see minimum dry bulk fleet growth in 2016 and even negative fleet growth within specific segments like Capes. If this is combined with healthy demand for dry bulk commodities from countries like India and a gradual strengthening of Chinese momentum that seems to have been lost during the past year, things should further improve by next year.
The million dollar question though is “by how much?” Will demand levels be finally adequate to overcome the overcapacity issue that is finally being tackled by intense scrapping and absent ordering, or will demand be just enough to keep providing lifelines periodically to a market that won’t be able to break above 1,000 points for much longer?
By Panos Makrinos
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 25 May 16
DRY BULK SNP MARKET DISPLAYS SIGNS OF STRENGTH - GEORGE ILIOPOULOS
Only a couple of weeks away from the world’s most prominent maritime event, the market for tankers displays an evident lack of confidence in ...
Tuesday, 24 May 16
WEEKLY CS COAL INDICES NEGATIVE FOR ALL TYPES OF COAL EXCEPT 3800 GAR COAL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was down 0.10 percent week over week to averaging $38.90 per ton this past week, sho ...
Monday, 23 May 16
A PERFECT STORM FOR INDONESIAN STEAM COAL EXPORTS - CLARKSON RESEARCH
Indonesia is the world’s leading steam coal exporter, accounting for over 40% of global seaborne steam coal exports since 2010. However in 20 ...
Monday, 23 May 16
THE PANAMAX INDEX WAS UP 17 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this week.
The freight market was firm and all ...
Friday, 20 May 16
SHIPBUILDING CONTRACTS: CAN I CANCEL? SHOULD I CANCEL? - THE SHIPOWNER CLUB
KNOWLEDGE TO ELEVATE
There are many circumstances in which a buyer of a new-build vessel might want to terminate or cancel their contract with ...
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Showing 2421 to 2425 news of total 6871 |
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- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
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