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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, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
Monday, 15 February 16
CALL THE DOCTOR! SHIPPING'S MEDICAL DRAMA UNFOLDS......- CLARKSONS
The recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities. Many of the key shipping markets ...
Monday, 15 February 16
CS 42 COAL INDEX ROSE 0.07% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.15 percent week over week to averaging $38.96 per ton on this past Friday, ...
Monday, 15 February 16
BALTIC INDEX MARGINALLY ROSE BY A POINT D-D; CAPESIZE INDEX DOWN 13 POINTS W-W; PANAMAX INDEX UP 29 POINTS W-W
COALspot.com: The freight markets continued to fall this past week.
The BDI, The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measu ...
Friday, 12 February 16
DRY BULK MARKET'S FORTUNES STILL TIED WITH CHINA'S ECONOMY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The inevitable slowdown of the Chinese economy was expected to hurt dry bulk shipping, but few expected the blow to be this hard, especially given ...
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- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Australian Coal Association
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
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