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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 and more, while marking consecutive all-time lows throughout last week.
Freight rates in the sector are currently so low that fail to cover the vessels’ net OPEX (i.e. without taking into account possible financing). The unprecedented low earnings have been weighing down on prices and it goes without saying that are expected to keep doing so.
Yards focusing on building bulkers currently stand idle, with activity being almost non-existent. In the second hand market the number of vessels available for sale is notably high with plenty of candidates across all ages and potential Sellers considering and accepting in some cases, levels that a few months back they wouldn’t even discuss.
This is without a doubt an adverse reality, but there are nonetheless factors that could help improve the state of the dry bulk market in the medium run.
Lay-ups
All of the above are more or less known to all of us and they don’t need any further analysis as a number of voices have referred to them repeatedly over the past years. Another factor that could accelerate the market’s rebound and has only recently re-appeared in the equation, are lay-ups.
The latter monopolizes discussions as it is perceived as the last resort, bringing back memories from the 80’s crisis. We are currently approaching, if not already there, the point where daily losses will be higher than lay-up costs. Many nonetheless believe that even if we reach a meaningful number of lay-ups during the first months of the year, a possible market rebound, even a small one, during the last two quarters of 2016 will be overshadowed by the number of vessels exiting the lay-up condition amidst an improved market condition. But for an owner to have the incentive to pay all the necessary expenditures (repairs, surveys etc.) to make a vessel operational again, this means that earnings must have returned to levels well above OPEX, which in itself sort of secures a softer negative impact on rates once previously laid-up tonnage re-enters the market.
All of the above represent general trends the exact effect of which is difficult to calculate at the moment, let alone the timing this will kick in. Yet, combined with a possible increase in the supply of cargoes, they might positively affect the overall market sentiment even as soon as during the 2nd half of 2016. Fingers crossed.
Demolition
Until last October, Dry Bulk vessels built before 1995 could not easily find Buyers. Today these vessels, now over 15 years old, have completely ceased to attract any interest. If the market remains depressed, Buyers will even stop looking at vessels above 10yrs old, as differences in price margins between these and even younger vessels is currently very small.
Hence, for those owners who are willing or forced to sell, demolition remains their only option. Despite the fact that prices offered in the Indian subcontinent are currently the lowest in almost 8 years, the number of vessels that are heading for scrap keeps increasing rapidly.
Newbuilding
As mentioned above, demand for newbuildings in the Dry Bulk sector is totally absent. As the amount of deadweight to be delivered starting 2017 onwards becomes meaningless, this will also help the market, but this is obviously an effect that will not be enjoyed until then. Yet, the volume of cancelations, combined with slots that are converted to tankers should at some point help the market reach a healthier supply-demand relationship.
By Konstantinos Kontomichis
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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Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- The University of Queensland
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
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