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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, 12 August 15
FOB NEWCASTLE COAL SWAP FLAT WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 0.98 per MT (-2.20%) month over month to US$ 43.65 per mt. The swap ...
Tuesday, 11 August 15
GLOBAL PRODUCTION OF CRUDE STEEL REACHED A NEW ALL-TIME HIGH OF 1,661M TONNES IN 2014 - VDKI
COALpot.com: Global production of crude steel reached a new all-time high of 1,661m tonnes in 2014, said German Coal Importer Association, in its l ...
Tuesday, 11 August 15
2016 CFR S.CHINA COAL SWAPS CLOSED SLIGHTLY HIGHER THAN 4Q 2015 CLOSING PRICES; BUT NOT SIGNIFICANT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US cents 10 (0.20%) per MT month over month.
A commodi ...
Monday, 10 August 15
SOUTH KOREAN UTILITY KOMIPO INVITES BITUMINOUS COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 560,000 Metric Tons (MT) of 4,600kcal/kg NAR c ...
Sunday, 09 August 15
THE PANAMAX MARKET HAS REMAINED WEAK THIS WEEK
COALspot.com: The freight market continued to be buoyant with cape index pushing the BDI.
The BDI was up 10.49% and closed at 1200 points on 7 ...
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- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- The University of Queensland
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- White Energy Company Limited
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
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