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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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Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
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- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
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