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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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Monday, 20 July 15
CFR SOUTH CHINA COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.18 (2.27%) per MT month over month.
A commodity swap ...
Sunday, 19 July 15
BDI GAINED AND CROSSED 1000 MARK THIS WEEK
COALspot.com: The BDI gained and crossed 1000 mark after many months this Friday. The BDI was up almost 20 pct and closed 1048 points on 17 July 20 ...
Saturday, 18 July 15
INTERVIEW : FRANZ ESCALANTE, CHIEF OF INFORMATION SYSTEMS, MINERA CHINALCO, PERU
We are interested in the technology of Autonomous trucks, the new-generation trucks are not remote controlled, they are truly autonomous - Franz Es ...
Friday, 17 July 15
COAL PRODUCTION IN THE U.S. INCREASES SHARPLY FOR THE WEEK ENDING JULY 11
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.4 million short ...
Friday, 17 July 15
INDONESIAN POWER-STATION COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
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- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- The Treasury - Australian Government
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
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