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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
Friday, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- India Bulls Power Limited - India
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