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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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Tuesday, 04 August 15
SHIPPING CYCLES - A CHESS GAME YOU DON'T WANT TO LOSE - CLARKSONS
Ingmar Bergman’s classic movie The Seventh Seal is about a knight who, during the Black Death, challenges Death to a chess match, in the hope ...
Monday, 03 August 15
NEWCASTLE COAL SWAPS DECLINE FURTHER THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.92 per MT (-4.22%) month over month to US$ 43.58 per mt. The swap ...
Monday, 03 August 15
CFR SOUTH CHINA COAL SWAPS SLIDE THIS WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.64 (3.14%) per MT month over month.
A commodity swap ...
Sunday, 02 August 15
CAPESIZE RATES PUSH BDI UPWARD
COALspot.com: The freight market was buoyant this week as BDI rose 4.14 pct to 1131 points. The cape index was also increased 16.50 pct 2209 points ...
Saturday, 01 August 15
DRY BULK MARKET KEEPS ITS MOMENTUM, AS OUTLOOK IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although conditions remain more than challenging, especially from an economic point of view (aka China’s stock worries), the dry bulk market ...
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- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- White Energy Company Limited
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
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