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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
Friday, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
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- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Marubeni Corporation - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
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