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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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Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
Friday, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
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- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Australian Coal Association
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