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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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Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
Thursday, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
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- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Posco Energy - South Korea
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