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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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Tuesday, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
Monday, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
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- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
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