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Wednesday, 17 February 16
THE OWNERS FACING HISTORICAL LOW DRY BULK RATES; COAL IMPORTS TO CHINA IS STILL POINTING TO A STRONG TREND OF DECLINING CONSUMPTION
 The sharp fall in dry bulk rates that has been taking place since the end of last year and has left owners facing historical low rates for a substantial period of time, has now everyone wondering; how long can it last and what are those developments that could expedite the recovery.
According to our data for vessels above 20,000dwt, 2016 deliveries amount to 887 vessels, a scary number indeed even if one takes into account expected slippage. On the balancing side is of course demolition activity. A little less than 400 vessels were sent for scrap last year, while in the first six weeks of 2016 alone we count 83 demo sales. If scrapping activity for the rest of the year continues at this pace, demolition activity this year will easily top 2015.
Every single market participant is now anxious to see how rates will behave once the Chinese New Year festivities are over. At the same time, fundamentals for the big bulkers, the trade of which is closely tight to China, remain challenging. Chinese iron ore imports, despite reaching record levels, have been unable to help Capesize rates, while coal imports to the country are still pointing to a strong trend of declining consumption.
Lay-ups, an extreme thought not too long ago, have now become an everyday topic amongst owners. We also observe on a weekly basis that the number of 15yrs old vessels available for sale increases, while their owners are now more at ease with the idea of even selling them for scrap. Asset prices have naturally been plunging. Below are some representative example of the sharp fall.
Capesize
The “Nordtramp” - 170k dwt blt 2001 Koyo, Japan was sold last year at $17.1m, while the “Kohyohsan” - 172k dwt blt 2001 NKK, Japan was sold recently at $5.0m. Moreover, this summer we saw the “Churchill Bulker” - 179k dwt blt 2011 Hyundai, S. Korea committed in August at $37.0m, eventually failing and being sold three months later at $28.5m, 23% less. Two weeks ago the “Obelix” 180k dwt blt 2011 Imabari, Japan, was reported sold at $23.5m. Since the beginning of 2016, 22 Capesize vessels have been sold for demo, while 21 have been delivered.
Panamax
The “Thalia” - 75k dwt blt 2001 Hitachi, Japan was sold twelve months ago at $9.5m, while last week the “Cymbeline” - 73k dwt blt 2001, Sumitomo, Japan was sold at $3.3m a decrease of about 65%. The “Unity Pride” - 81k dwt blt 2011 Hyundai, S.Korea was sold at $17.6m back in April 2015. At Christmas we saw the “Archimedes” - 81k dwt blt 2011 Hyundai, S. Korea being sold at $14.5m, failing and coming up for sale once again, with interested parties not willing to offer above $12.0m. Since the beginning of 2016 a number of 33 vessels have been sold for demo, while 30 have been delivered.
It is definitely the “buy low” phase of this cycle. This of course is something that naturally leaves owners striving to survive utterly indifferent at the moment and logically so. But for the more fortunate ones, with cash to support their investment for a reasonable time, the opportunity to renew their fleet is undeniable.
By Giannis Andritsopoulos
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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Tuesday, 15 March 16
PORT OF NEWCASTLE SHIPPED 12.78 MMT OF COAL IN FEBRUARY 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped AU$1,110.5 mi ...
Tuesday, 15 March 16
ADARO ENERGY LOWERED ITS COAL CASH COST BY 16% TO US$ 27.98 PER TONE IN 2015
Difficult Coal Market Condition Persists in 2015, Adaro Lowers Costs, Reduces Capital Spending and Maintains Solid Liquidity.
PT Adaro E ...
Monday, 14 March 16
THE CS 50 INDEX ROSE $0.16 OR, 0.41% TO $38.82 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.41 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 14 March 16
THE BALTIC EXCHANGE CONTINUED TO ROSE THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rise this week helped by higher rates for pa ...
Saturday, 12 March 16
PLN, COAL COMPANIES IN TALKS ABOUT PRICES - THE JAKARTA POST
Following a study that predicted that Indonesia would struggle to provide coal for its power stations in the near future, the government will facil ...
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- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- White Energy Company Limited
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- PTC India Limited - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
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