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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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Sunday, 21 June 15
SPOT RATE AVERAGES FOR FREIGHT FROM INDONESIA TO INDIA REMAIN STRONG THIS WEEK
COALspot.com: The freight market was quite firm this week compared to last week. The BDI was up 21% week on week and closed at 779 points. The cape ...
Friday, 19 June 15
U.S. WEEKLY COAL PRODUCTION UP SLIGHTLY COMPARED TO LAST WEEK; CONTINUES TO BE DOWN FROM LAST YEAR
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.4 million short ...
Friday, 19 June 15
INDONESIA'S COAL-TRAFFICKING PROBLEM REQUIRES IMPARTIAL INQUIRY - JAKARTA GLOBE
Indonesia, the leading supplier to the seaborne thermal coal market, produces 420 million tons of coal per year, according to its official tally.
...
Thursday, 18 June 15
DRY BULK SHIPPING: LOWEST FLEET GROWTH IN 10 YEARS MAY NOT PROVE ENOUGH AS DEMAND IS NOT KEEPING PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The demand side of things in the dry bulk market seems unable to keep pace with even the slightest fleet growth, a sign of the demise that the indu ...
Thursday, 18 June 15
THE FAR EAST HANDYSIZE, HANDYMAX, SUPRAMAX MARKET REMAINED STEADY LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market closed off on Friday (last week) noting small gains on the back of stronger performance in the Panamax segment, w ...
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- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
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