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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, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
Monday, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
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- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- The University of Queensland
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
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