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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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Friday, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
Friday, 26 June 15
COAL PRODUCTION IN THE U.S ROSE 6.0% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.3 million short ...
Thursday, 25 June 15
THE PORT OF NEWCASTLE SHIPPED 13.31% MORE COAL IN MAY 2015 COMPARED TO APRIL 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.18 billio ...
Thursday, 25 June 15
CAPESIZE: PERIOD INTEREST REMAINED STRONG FOR A SECOND WEEK - INTERMODAL
COALspot.com: Following those depressive last six months, the BDI closed off on last Friday noting a substantial weekly increase, which pushed the ...
Wednesday, 24 June 15
PANAMAXES: THE OUTLOOK REMAINS NEGATIVE AS DEMAND FOR COAL IS DIMINISHING - YANNIS OLZIERSKY
As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all ...
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- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
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- McConnell Dowell - Australia
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- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
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