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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, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
Tuesday, 26 May 15
MINING ASSOCIATION PERHAPI PUSHES FOR 35,000 MEGAWATT ELECTRICITY PROGRAM - JG
The Indonesian Mining Professionals Association, or Perhapi, has announced its support for a 35,000-megawatt national electricity program, saying i ...
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- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Planning Commission, India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Australian Coal Association
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
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