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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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- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Planning Commission, India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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