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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, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
Thursday, 04 June 15
DRY BULK MARKET FAILED TO OFFER ANY POSITIVE SURPRISES - INTERMODAL
COALspot.com: This has been another week that the Dry Bulk market failed to offer any positive surprises, while the BDI, which is still faring belo ...
Tuesday, 02 June 15
FOB INDONESIA COAL Q3 SWAP ADVANCED 1.73% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and lost week over week, this past week.
The Q3 swap was climbed ...
Tuesday, 02 June 15
FOB RICHARDS BAY COAL SWAPS; Q3'15 CLOSED HIGHER THAN Q1'16
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 up month over month and week over week.
The Q3 swap was up US$ 0.80 (1 ...
Monday, 01 June 15
35,000 MW POWER PLANTS TO BOOST COAL CONSUMPTION - JP
The government’s program to develop 35,000 megawatt (MW) power plants will increase domestic coal consumption, which currently stands at arou ...
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- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Australian Coal Association
- PTC India Limited - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- White Energy Company Limited
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
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