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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, 12 February 16
COAL PRICES ARE EXPECTED TO DECLINE 13% IN 2016 TO $50 ATON, ON CONTINUED WEAK DEMAND AND OVERSUPPLY - WORLD BANK
COALspot.com: Thermal coal prices fell 9 percent in the fourth quarter on continued weak demand, high stocks, and surplus production, World Bank sa ...
Friday, 12 February 16
U.S. COAL PRODUCTION OFF 5.4% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.9 million shor ...
Thursday, 11 February 16
GLOBAL NEWBUILDING ORDERBOOK IS SHRINKING ON A DAILY BASIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2016 has started right where 2015 left off when it comes to newbuilding ordering activity, i.e. there are slim pickings to be had from shipyards ar ...
Wednesday, 10 February 16
SOUTH AFRICA IS HOPING TO SHIP MORE COAL TO INDIA IN 2016
COALspot.com: South Africa is hoping to boost coal exports to India after shipping a record 75.4 million tonnes of coal in 2015, industry officials ...
Wednesday, 10 February 16
OWNERS APPEAR WILLING TO DISPOSE OF TONNAGE THE SOONEST IT HITS THE 10 YEAR MARK - TIMOS PAPADIMITRIOU
COALspot.com: The last two months of 2015 made a case for traditional shipowners to invest in the dry bulk sector, doing so though based purely on ...
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- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- The University of Queensland
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Australian Coal Association
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
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