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Wednesday, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
 Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in what we hope proves to be a bold move forward to reducing the largest plague of the dry bulk market; overcapacity. Previous measures introduced in 2013 were largely targeted at replacing older tonnage with newer, environment-friendly technologies and the Chinese financial system gave extra incentives through aggressive financial backing to local and international owners. The result is well-known to everyone contributing to a heavy backlog of orders that has sent the freight market spiraling downwards since 2H 2014.
Assuming that the stressed out shipping finance lines do not allow this subsidy to roll-over to new orders, we believe that the joint effect of these actions could be the best news the dry bulk industry has received in months…
Since the beginning of 2015 we have been regularly commenting on the healthy scrap activity experienced in the Capesize sector. However, little progress has been made on smaller sizes and sub-continent scrapyards have shown little appetite for Handies, Handymaxes and even Panamaxes. Looking at the fleet concentration of vintage tonnage (over 15 years of age) one has to recognize two basic facts; Chinese owners are the main Buyer of such vessels and they own a growing percentage of that fleet.
So the impact of the announced measures is that we expect a large number of “overage” vessels controlled by Chinese companies to exit the market and be replaced by the new deliveries that are presently under order.
What does this mean for asset values of such ships in the short-term? Scrap values will go up and sub-continent scrap buyers will have to compete due to reduced supply of tonnage hitting its shores? or second hand values of vessels close to the 15 year mark will fast approach scrap levels (albeit higher ones)? Probably hard to give a definite answer now since all will depend on freight rates development over the next period and of course the net figure of vessels being delivered minus the ones going to demo over the next 3-6 months.
However, one cannot but recognize the largely positive medium-term effect this move would have on Handy, Handymax and Panamax sector and the -admittedly small- net effect upon the Capesize fleet.
p.s. One of the toughest broker’s insights we had yet to write… It is a time for pragmatism and clear, logical thinking to prevail so that Greece and the Eurozone will hand-in-hand overcome the hardships we face today for the common good of all its citizens. We need to find the strength to focus on the things that bring us together rather than the ones that separate us. We sincerely hope the financial crisis that our country is facing will end soon.
By George Dermatis
SnP Broker
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, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
Friday, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
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- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- PTC India Limited - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
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