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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, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
Sunday, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
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- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Australian Coal Association
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
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