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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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Monday, 01 June 15
API 5 FOB NEWCASTLE COAL SWAP; Q1'16 CLOSED LOWER COMPARED TO Q3'15
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.36 per MT (0.80%) month over month. The swap was closed at US$ ...
Monday, 01 June 15
CFR SOUTH CHINA COAL SWAP: GAINED W-W, M-M; Q1'16 CLOSED HIGHER THAN Q3'15
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.15 (2.26%) per MT month over month.
A commodity swap is a f ...
Sunday, 31 May 15
CAPE AND PANAMAX SEGMENTS SLIDE CONTINUES
COALspot.com: The BDI was up about 0.5 pct week on week and closed at 589 points while the cape index was fell 0.73 pct and closed at 810 po ...
Friday, 29 May 15
DRY BULK MARKET IS THE VICTIM OF A SHIFT IN DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The fall in dry bulk freight rates is attributed, in large part, to the substantial decrease of China’s thermal coal imports, a major commodi ...
Friday, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
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- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
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- Indian Energy Exchange, India
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- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Central Electricity Authority - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
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- Romanian Commodities Exchange
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- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
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