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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, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
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