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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, 10 February 16
OWNERS APPEAR WILLING TO DISPOSE OF TONNAGE THE SOONEST IT HITS THE 10 YEAR MARK - TIMOS PAPADIMITRIOU
COALspot.com: The last two months of 2015 made a case for traditional shipowners to invest in the dry bulk sector, doing so though based purely on ...
Monday, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
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- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- GMR Energy Limited - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
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