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Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
 As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started wondering whether they have missed out on the bottoming secondhand prices that the market witnessed during the end of last year and throughout the begging of this one, when the BDI touched its lowest level ever, at 290 points.
Following this rather extended period of low rates, as the spring season kicked off, the steadier demand for dry bulk commodities together with the improvement in owner’s psychology helped the index move above 600 points in April, after more than five months. The improved market sentiment has consequently helped second hand prices firm a bit during the past weeks. The positive momentum the market achieved was also helped by a few developments that started drawing a healthier picture of the fundamentals ahead as a number of owners took steps that will more effectively tackle the tonnage oversupply issue.
From one hand, the intense scrapping that has taken place during this year is certainly pushing things towards the “right” direction. We have seen vessels younger than what is considered the typical scrapping age being sold for demolition. As expected, it was the bigger sizes that experienced the most impressive increase in demolition volumes.
More than 230 bulkers have been sold for scrap this year and while in terms of volumes we are around the same levels when compared to the same period last year, when you look at these volumes in terms of dwt, there is a 2% increase. This means that bigger vessels are being sold for scrap, while in terms of age, the average scrapping age for bulkers has moved from 30 years a couple of years ago to 24 years in 2016 so far.
At the same time, newbuilding activity or the lack thereof has been dramatic. Despite the fact that newbuilding prices are at exceptionally low levels, reflecting both the dire straits the industry has found itself in together of course with the almost non-existent appetite for dry bulk ordering, there seems to be no hope for a spark in ordering for dry tonnage. On top of that, the few orders that are being reported are tight to specific projects.
So despite the historically low rates, long-term fundamentals are slowly improving for the dry bulk market. If high demolition activity continues throughout the second half of the year and slippage this year remains high, we could well see minimum dry bulk fleet growth in 2016 and even negative fleet growth within specific segments like Capes. If this is combined with healthy demand for dry bulk commodities from countries like India and a gradual strengthening of Chinese momentum that seems to have been lost during the past year, things should further improve by next year.
The million dollar question though is “by how much?” Will demand levels be finally adequate to overcome the overcapacity issue that is finally being tackled by intense scrapping and absent ordering, or will demand be just enough to keep providing lifelines periodically to a market that won’t be able to break above 1,000 points for much longer?
By Panos Makrinos
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
Friday, 27 May 16
PET-COKE IMPORTS TO FACE PRESSURE IN INDIA
COALspot.com: An Indian environmental activist moved the National Green Tribunal seeking ban on the use of all forms of petroleum coke, also called ...
Friday, 27 May 16
US COAL PRODUCTION ROSE 2.9% WOW, ACCORDING TO EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.7 million short tons (mm ...
Thursday, 26 May 16
GIANT ORE CARRIERS SET TO PLAY A BIGGER ROLE IN THE GLOBAL SHIPPING FLEET: CHINA EMBRACES VALEMAXES - RICHARD SCOTT
Another phase of the giant ships era is approaching. Chinese shipowners placed orders recently for 30 huge ‘valemax’ ore carriers. Thes ...
Wednesday, 25 May 16
MEDIATION AS A WAY TO RESOLVE DISPUTES IN THE SHIPPING INDUSTRY - LANA JACOBS
KNOWLEDGE TO ELEVATE
The shipping market is currently experiencing a serious recession with the Baltic Dry Index and Baltic Capesize Index bot ...
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Showing 2416 to 2420 news of total 6871 |
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- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
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