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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, 23 June 15
Q3 FOB INDONESIA COAL SWAP FALL $1.12 IN ONE 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, 23 June 15
FOB RICHARDS BAY COAL SWAP HAS REMAINED STEADY OVER THE PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 2.32 ...
Monday, 22 June 15
BORYEONG POWER PLANT TO IMPORT 140K MT OF LCV COAL FOR AUGUST - SEPTEMBER 2015
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase 140K Metric Tons (MT) of LCV coal for ...
Monday, 22 June 15
CFR SOUTH CHINA COAL SWAP: UP MONTH OVER MONTH; DOWN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.30 (0.58%) per MT month over month.
A commodity swap is a ...
Monday, 22 June 15
FOB NEWCASTLE COAL SWAP: UP WEEK OVER WEEK AND MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.54 per MT (1.19%) month over month to US$ 45.87 per mt. The swap was ...
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- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- PTC India Limited - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
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