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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, 31 July 15
CAPE'S PAPER MARKET REMAINS FIRM - INTERMODAL
COALspot.com: The positive sentiment that the Dry Bulk market has been enjoying as of the previous month, was carried through last week as well, bu ...
Friday, 31 July 15
COAL PRODUCTION IN THE U.S. UP 3.6% FOR THE WEEK ENDING JULY 25
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Friday, 31 July 15
CHINA'S NEW OIL IMPORT RULES HAVE MINIMAL IMPACT ON STATUS QUO - FITCH
Fitch Ratings says that China's looser criteria for crude oil import rights are a positive but modest step towards encouraging private-sector p ...
Thursday, 30 July 15
EFFECTS OF THE CHINESE STOCK MARKET CRISIS - INTERMODAL
All evidence is currently signaling that the Chinese stock market will be the newest hurdle for the global economy. With the world's second lar ...
Wednesday, 29 July 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED HIGHER THAN Q3'15
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and gains week over week, this past week.
The Q3 swap was decl ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Bhushan Steel Limited - India
- PTC India Limited - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Planning Commission, India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
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