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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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Wednesday, 25 May 16
DRY BULK SNP MARKET DISPLAYS SIGNS OF STRENGTH - GEORGE ILIOPOULOS
Only a couple of weeks away from the world’s most prominent maritime event, the market for tankers displays an evident lack of confidence in ...
Tuesday, 24 May 16
WEEKLY CS COAL INDICES NEGATIVE FOR ALL TYPES OF COAL EXCEPT 3800 GAR COAL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was down 0.10 percent week over week to averaging $38.90 per ton this past week, sho ...
Monday, 23 May 16
A PERFECT STORM FOR INDONESIAN STEAM COAL EXPORTS - CLARKSON RESEARCH
Indonesia is the world’s leading steam coal exporter, accounting for over 40% of global seaborne steam coal exports since 2010. However in 20 ...
Monday, 23 May 16
THE PANAMAX INDEX WAS UP 17 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this week.
The freight market was firm and all ...
Friday, 20 May 16
SHIPBUILDING CONTRACTS: CAN I CANCEL? SHOULD I CANCEL? - THE SHIPOWNER CLUB
KNOWLEDGE TO ELEVATE
There are many circumstances in which a buyer of a new-build vessel might want to terminate or cancel their contract with ...
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Showing 2421 to 2425 news of total 6871 |
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- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- The University of Queensland
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
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