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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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Friday, 11 March 16
ADANI GLOBAL BAGS 0.26 MILLION TONS OF COAL CONTRACT FROM LANKA COAL COMPANY
COALspot.com: Lanka Coal Company (Private) Limited, Sri Lanka has awarded 260,000 +/- 10% tons of Power plant 6300 GAR calorific value coal to Adan ...
Friday, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...
Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...
Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...
Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015.
Accord ...
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- Minerals Council of Australia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Planning Commission, India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Economic Council, Georgia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
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