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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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Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
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