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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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Monday, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
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- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
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