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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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Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
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- Planning Commission, India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
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