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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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Wednesday, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in w ...
Tuesday, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
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- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- The University of Queensland
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
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