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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, 05 August 15
SHIPPING MARKET INSIGHT - KATERINA RESTIS
On July 14th, 2015 a historical consensus was reached in Vienna between Iran and the five permanent members of the U.N. Security Council, plus Germ ...
Wednesday, 05 August 15
COAL CONSUMPTION POSTED THE STRONGEST GROWTH AMONG THE FOSSIL ENERGY SOURCES IN 2014 - VDKI
Coal 2014: again the world's fastest-growing primary energy source and an indispensable asset for the success of the energy turnaround.
Ac ...
Wednesday, 05 August 15
FOB INDONESIA THERMAL COAL SWAPS FALL
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 $ ...
Wednesday, 05 August 15
DRY BULKER PRICES START TO FIRM UP AS MARKET SENTIMENT IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Market pessimism in the dry bulk industry, a trend which had established itself over the course of the year, has started to fade away over the past ...
Tuesday, 04 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO FALL DUE TO SLIDING DEMAND
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$ ...
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- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
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