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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- White Energy Company Limited
- Aditya Birla Group - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
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