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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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Friday, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
Wednesday, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
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Showing 2436 to 2440 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
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