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Wednesday, 03 June 15
SHIPPING MARKET INSIGHT - VASSILIS LOGOTHETIS
 For some time now the Dry Bulk market has been severely affected by China’s slowing GDP growth rate that occurs in the background of increased supply of dry bulk tonnage. Daily rates for Capes are now well below $10,000 from over $200,000 in 2008, while the BCI index reached its historic low at 311 points during January 2015.
Hence, it comes as no surprise that numerous shipowners consider the demolition market as a possible solution to dispose of old large sized vessels that fail to cover their operating expenses at market’s current levels. But to conclude a perfect storm, the steel market, that is the main driving force behind prices offered by cash buyers and recycling yards for the acquisition of vintage tonnage for demolition, is currently under strong pressure as well. The latter stem from increased exports of cheap Chinese steel that is not absorbed domestically and has flooded the Indian sub-continent. Moreover, prices offered by recycling yards are also negatively affected by the large volume of bulkers that are available to be sold for scrap.
The aforementioned situation has resulted in prices offered nowadays for wet tonnage to range from 210 to 390, depending on the destination, and for dry tonnage from 210 to 370. Just a year ago prices ranged from 310 to 500 for the dry tonnage and 325 to 510 for the wet, a difference of more than 100 dollars per ltd.
Nevertheless, the situation in the Dry Bulk market for the Capes is so difficult that we have seen a large number of vessels finding their way to recycling yards even at these low price levels. In May alone, 15 Capes have been sold for scrap, while the same number of Capesize vessels went for scrap during the entire first five months of last year. This is something that generally characterizes the market as demo activity across all segments is higher to the one observed last year.
At this point in time and given the situation in the Dry Bulk market one should expect the increased trend of vintage bulkers heading for demolition to continue up to the point where the freight market reaches a more viable equilibrium regarding supply and demand of tonnage. Having in mind the large volume of the Dry sector orderbook this will definitely take some time and at the same time it will come as no surprise if current demo price levels slide further. Nonetheless, and despite any additional price softening that could be due, the demo market is expected to continue witnessing healthy activity, as long as the situation in the Dry Bulk market remains tricky.
By Vassilis Logothetis
Research Analyst
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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Wednesday, 19 August 15
FOB INDONESIA COAL SWAPS CONTINUE FLAT TREND LINE THIS WEEK
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and flat week over week, this past week.
The 4Q swap was decli ...
Tuesday, 18 August 15
DRY BULK: MARKETS HAVE CONTINUED TO BE SEVERELY CHALLENGED - CLARKSONS
The dry bulk markets have continued to be severely challenged with freight rates falling during the period to below operating expense. The Baltic D ...
Tuesday, 18 August 15
1Q'16 FOB RICHARDS BAY COAL SWAP FALLS BELOW $54 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Tuesday, 18 August 15
2Q' 16 FOB NEWCASTLE COAL SWAP CLOSED AT $43 PER MT W/E 14 AUGUST
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.08 per MT (-2.46%) month over month to US$ 42.82 per mt. The swap ...
Monday, 17 August 15
TROUBLED DRY BULK MARKET FACES TURMOIL AS CHINESE COAL IMPORTS REMAIN WEAK - BIMCO
The demand for coal in China continues to diminish. So much in fact that India is expected to succeed China as the world’s largest imp ...
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- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Parliament of New Zealand
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
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