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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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Monday, 15 June 15
API 5 FOB NEWCASTLE COAL SWAP: Q1'16 DELIVERY CLOSED 1.14% LOWER THAN Q4'15 DELIVERY PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 1.10 per MT (2.47%) month over month to US$ 45.67 per mt. The swap ...
Monday, 15 June 15
CFR SOUTH CHINA COAL SWAP: ROSE M-O-M; DECLINED W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.43 (2.82%) per MT month over month.
A commodity swap is a ...
Sunday, 14 June 15
THE FREIGHT MARKET FINISHED THE WEEK UP COMPARED TO LAST WEEK
COALspot.com: The freight market finished the week up compared to last week. All the segments except for Cape index were up. Cape segment was ...
Friday, 12 June 15
EXPECTATIONS IN REGARDS TO THE SUMMER SEASON VARY ACROSS THE MARKET - INTERMODAL
The Dry Bulk market closed off last slightly up last week, with the BDI re-gaining the 600 points level, while the driving force behind the increas ...
Friday, 12 June 15
U.S. PRODUCED 15.1 MMST OF COAL THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.1 million short ...
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- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
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