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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, 07 July 15
FOB NEWCASTLE COAL SWAP ADVANCED MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.28 per MT (-0.61%) month over month to US$ 45.85 per mt. The swap wa ...
Monday, 06 July 15
KOREA MIDLAND POWER COMPANY LIMITED ISSUED A TENDER FOR 250K MT BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 250K Metric Tons (MT) of 5300 kcal/kg NAR coal ...
Monday, 06 July 15
COAL TRADING & RISK MANAGEMENT TRAINING COURSE
Are you ready to invest in yourself and take your trading and risk management strategy to the next level? The Coal Trading & Risk Management Tr ...
Monday, 06 July 15
CFR SOUTH CHINA COAL SWAP; DECLINED D-O-D,W-O-W AND M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.53 (1.01%) per MT month over month.
A commodity swap ...
Sunday, 05 July 15
THE BALTIC DRY INDEX WAS DOWN 18%; PANAMAX UP 9%
COALspot.com: The freight market was soft during this week. However indices closed slightly firmer end of the week on 3rd July.
The BDI was do ...
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- Bhatia International Limited - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
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