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