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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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Friday, 14 August 15
CONDITIONS AND COMPLEXITIES IN A TRIPARTITE AGREEMENT: BE SPECIFIC! - INCE & CO
KNOWLEDGE TO ELEVATE
A tripartite agreement reached between the Owners, the Shippers and the Receivers provided that demurrage be paid to the ...
Thursday, 13 August 15
THE RATES FOR CAPES KEPT RALLYING LAST WEEK - INTERMODAL
COALspot.com: Strong Capesize performance kept supporting the Dry Bulk market last week, which noted another positive weekly closing, while rates f ...
Thursday, 13 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE FALLING
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$ ...
Wednesday, 12 August 15
DRY BULK MARKET: WITHOUT A DOUBT REACHED HEALTHIER LEVEL
A few weeks before the end of the summer season, the BDI is hovering around 1,200 points, providing some much needed optimism to all Dry Bulk marke ...
Wednesday, 12 August 15
REGULATION CURBS POWER OF LOCAL AUTHORITIES IN MINING SECTOR IN INDONESIA - FLORENCE G. SANTOSO
The Indonesian Government appears to be getting serious about stripping Regents of the authority to issue mining licenses. The Government took the ...
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- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
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