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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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Monday, 07 March 16
INDONESIAN 5700 GAR COAL INDEX DECLINE $0.05 A TON WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.28 percent week over week to averaging $38.66 per ton on this past Friday, ...
Monday, 07 March 16
FREIGHT MARKET MOVING POSITIVE; ALL SEGMENTS EXCEPT CAPE SHOWING A FIRM TREND
COALspot.com: The freight market was steady this past week and showing a firm trend for all segments except for Cape index.
The Baltic Dry Ind ...
Friday, 04 March 16
GLOBAL ECONOMY'S JITTERS ARE SLOWING DOWN SHIPPING EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The global economy’s shaky condition to say the least is now hampering growth and as a result demand for shipping is slowing down, something ...
Friday, 04 March 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 109.3 MMST; 30.2% LOWER THAN THE COMPARABLE YEAR-TO-DATE COAL PRODUCTION IN 2015 - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 million shor ...
Thursday, 03 March 16
INDIA'S BUDGET NOT ENOUGH TO BOOST STEELMAKERS' PROFITABILITY - FITCH RATINGS
COALspot.com: Fitch Ratings says that increase in proposed infrastructure spending in India's latest government budget is unlikely to provide a ...
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- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- The University of Queensland
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
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