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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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Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
Thursday, 09 July 15
LACK OF FRESH BUSINESS IN THE PACIFIC LEFT CAPESIZE RATES MOVING SIDEWAYS - INTERMODAL
COALspot.com: Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the ...
Wednesday, 08 July 15
RIO TINTO'S MODERNISED KITIMAT SMELTER BEGINS PRODUCTION; KITIMAT BECOMING ONE OF THE LOWEST COST SMELTERS IN THE WORLD
COALspot.com: Rio Tinto is preparing its first shipments of metal from its world-class Kitimat aluminium smelter in Canada following an extensive m ...
Wednesday, 08 July 15
Q3'15 INDONESIA COAL SWAP DECLINED 3.14% MONTH OVER MONTH
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 $ ...
Tuesday, 07 July 15
FOB RICHARDS BAY COAL SWAPS DECLINED WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
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- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Australian Coal Association
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
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