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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, 07 August 15
COAL PRICE DEVELOPMENTS CAN ONLY BE DESCRIBED, SUCCINCTLY AS "OVERSUPPLY MEETS SUBDUED DEMAND" - VDKI
Coal Outlook 2015 – International
Regarding the outlook for global coal trading, two questions arise: firstly, “ whether the years of ...
Friday, 07 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 528.1 MMST; DOWN 8.7% Y/Y - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 06 August 15
THE RATES FOR CAPES SHOOT UP LAST WEEK; GIVING THIS RECENT RALLY SOME MUCH NEEDED LEGS - INTERMODAL
COALspot.com: The Dry Bulk market noted another positive closing last week, entirely supported by Capesize performance, which managed to balance th ...
Thursday, 06 August 15
HARD COAL AND COKE IMPORTS TO GERMANY REACH NEW ALL-TIME HIGH OF 56.2M TONES IN 2014
Demand for German and imported hard coal In 2014, in 2014 fell by almost 8%, or 4.8m TCE, to 56.2m TCE.
According to German Coal Importer ...
Thursday, 06 August 15
SEABORNE WORLD TRADE IN STEAM COAL GROWS BY 3% YOY - GERMAN COAL IMPORTER ASSOCIATION
Global trade with hard coal, at 1,272m tones in 2014, increased by 35m tonnes or 3% in comparison with the previous year.
According to associa ...
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- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- PTC India Limited - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
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