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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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Thursday, 11 June 15
IS COAL INDUSTRY GOING TO HIT A BRICK WALL?
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.59 per MT fo ...
Wednesday, 10 June 15
TANKER MARKET INSIGHT - STELIOS KOLLINTZAS
As we go through the end of the 2nd quarter of the year it is evident that the tanker shipping markets have been rewarding and definitely been show ...
Wednesday, 10 June 15
WORLD COAL MARKET HEADING TO NEW EQUILIBRIUM: MINISTER - JAKARTA POST
Energy and Mineral Resources Minister Sudirman Said has said the world’s coal market is heading towards a new balance, which will make Indone ...
Wednesday, 10 June 15
FOB INDONESIA COAL SWAP ROSE W-O-W AND M-O-M
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and week over week, this past week.
The Q3 swap was climbed by $ ...
Tuesday, 09 June 15
GLOBALCOAL IMPLEMENTS VOLUMETRIC SIZE LIMITS IN RICHARDS BAY MARKET
COALspot.com: globalCOAL today announced that following recent market consultation, it will limit bids, offers and trades in the fixed price Phys R ...
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- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- The University of Queensland
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Australian Coal Association
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
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