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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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Thursday, 28 April 16
PRICES OF POWER-STATION COAL IN INDONESIA IS INCREASING
COALspot.com: Inquiries for Indonesian 4200 - 4400 Kcal/kg GAR thermal coal cargoes from India suddenly increase recent days.
A Jakarta-based ...
Thursday, 28 April 16
KOMIPO TO IMPORT 710K MT OF BITUMINOUS COAL DURING JULY - SEPTEMBER 2016
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 710,000 Metric Tons of Bituminous Coal for its B ...
Thursday, 28 April 16
CAPE: BIT MORE OPTIMISM IN THE MARKET; SUPRAMAX: FORWARD CURVE IS FALLING - FEARNLEYS
Cape
A bit of a slower week. Activity level has dropped, though the rates do still remain firm, says Fearnleys in its latest weekly report.
...
Wednesday, 27 April 16
THE OCEAN SHIPPING EXPERIENCED DRAMATIC VOLATILITY IN THE BEGINNING OF 2016 - PANOS TSILINGIRIS
Shipping’s new (ab)normal
The global economy and ocean shipping experienced dramatic volatility in the beginning of 2016 and as the glob ...
Wednesday, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
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- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- The University of Queensland
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
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