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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
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- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- The University of Queensland
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
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