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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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Monday, 17 August 15
INDONESIAN THERMAL COAL REFERENCE PRICE HITS RECORD LOW AGAIN!
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.14 per MT fo ...
Monday, 17 August 15
CFR SOUTH CHINA COAL SWAPS CONTINUE TO HEAD SOUTH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US cents 40 (1.05%) per MT month over month.
A commodi ...
Sunday, 16 August 15
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO STEADY NEXT WEEK
COALspot.com: The BDI softened 12.08 per cent to 1055 points this week due to weakening of cape index which was fell 25 per cent week over week to ...
Friday, 14 August 15
FOB INDONESIA COAL SWAP SHOWING NO MOVEMENT THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week, this past week.
The 4Q swap was declined $ ...
Friday, 14 August 15
U.S. COAL PRODUCTION UP 2.9 PER CENT THIS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.2 million shor ...
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- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Australian Coal Association
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
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